Crane and lifting equipment company Manitowoc (NYSE:MTW) will be announcing earnings results this Thursday after market hours. Here’s what investors should know.
Manitowoc missed analysts’ revenue expectations by 2.3% last quarter, reporting revenues of $470.9 million, down 4.9% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ backlog and EBITDA estimates.
Is Manitowoc a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Manitowoc’s revenue to grow 2.7% year on year to $577.3 million, a reversal from the 6.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.18 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Manitowoc has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Manitowoc’s peers in the heavy machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Terex delivered year-on-year revenue growth of 7.6%, beating analysts’ expectations by 3.4%, and Caterpillar reported flat revenue, topping estimates by 1.2%. Terex traded down 1.8% following the results.
Read our full analysis of Terex’s results here and Caterpillar’s results here.
There has been positive sentiment among investors in the heavy machinery segment, with share prices up 2.1% on average over the last month. Manitowoc is down 1.3% during the same time and is heading into earnings with an average analyst price target of $12.25 (compared to the current share price of $12.60).
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