Manitowoc (NYSE:MTW) Releases FY 2024 Earnings Guidance

Manitowoc (NYSE:MTW) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.450-0.900 for the period, compared to the consensus 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 Trading Down 0.1 %

Shares of MTW traded down $0.01 during midday trading on Wednesday, hitting $10.78. 325,064 shares of the stock were exchanged, compared to its average volume of 267,756. The firm has a market cap of $382.95 million, a P/E ratio of 14.37 and a beta of 1.91. 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 has a 52-week low of $10.01 and a 52-week high of $19.48. The stock has a fifty day simple moving average of $11.41 and a 200 day simple moving average of $12.94.

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

Wall Street Analyst Weigh In

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