Manitowoc lowers FY estimate

Source: Manufacturing Digital

Date :10/29/2008 10:07:46 AM

Manitowoc Company Inc on Wednesday, October 29, lowered its estimate for 2008 profit by less than five percent to a range of US$3.15 to US$3.25.

Analysts surveyed by Thomson Reuters expect the construction equipment maker to earn US$3.44 per share.

Manitowoc reported a US$26.1 million loss in the third quarter, primarily due to a failed attempt to protect against the falling dollar in its acquisition of Enodis plc.

Since Manitowoc's offer for Enodis was in pounds, which has fallen in relation to the dollar, the company had to take a US$198.4 million charge.

Revenue rose nearly 20 percent to US$1.1 billion.