Manitowoc (NYSE:MTW) Issues FY 2024 Earnings Guidance

Manitowoc (NYSE:MTW) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.450-0.900 for the period, compared to the consensus EPS estimate of 1.170. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.3 billion. Manitowoc also updated its FY24 guidance to $0.45-0.90 EPS.

Manitowoc Stock Performance

NYSE:MTW traded down $0.01 during mid-day trading on Wednesday, reaching $10.78. 325,064 shares of the company’s stock were exchanged, compared to its average volume of 267,756. Manitowoc has a one year low of $10.01 and a one year high of $19.48. The firm has a market capitalization of $382.95 million, a PE ratio of 14.37 and a beta of 1.91. The business’s fifty day simple moving average is $11.41 and its two-hundred day simple moving average is $12.94. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.59 and a current ratio of 1.77.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.33). Manitowoc had a return on equity of 7.33% and a net margin of 1.23%. The business had revenue of $562.10 million for the quarter, compared to the consensus estimate of $598.00 million. During the same period in the prior year, the business posted $0.75 earnings per share. Manitowoc’s revenue was down 6.8% compared to the same quarter last year. Analysts anticipate that Manitowoc will post 1.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. StockNews.com downgraded shares of Manitowoc from a hold rating to a sell rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. reduced their target price on Manitowoc from $14.00 to $12.50 and set a neutral rating on the stock in a report on Wednesday, July 10th. The Goldman Sachs Group reduced their target price on Manitowoc from $15.00 to $13.00 and set a sell rating on the stock in a report on Thursday, July 11th. UBS Group reduced their target price on Manitowoc from $18.00 to $14.50 and set a neutral rating on the stock in a report on Wednesday, June 12th. Finally, Barclays reduced their target price on Manitowoc from $15.00 to $12.00 and set an underweight rating on the stock in a report on Monday, April 22nd. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, Manitowoc has an average rating of Hold and an average target price of $15.75.

About Manitowoc

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, the Asia Pacific, and internationally. It designs, manufactures, and distributes crawler-mounted lattice-boom cranes under the Manitowoc brand; a line of top-slewing and self-erecting tower cranes under the Potain brand; mobile hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.