Manitowoc Q4 Results Miss Estimates; To Split Into Two

(RTTNews) - Manitowoc Co., Inc. (MTW) reported net earnings for the fourth quarter of $33.6 million or $0.25 per share, compared to $20.9 million or $0.15 per share for the year-ago quarter.

Excluding special items, adjusted earnings from continuing operations for the fourth quarter were $37.5 million or $0.27 per share, compared to $63.9 million or $0.47 per share in the prior year quarter.

Sales for the fourth quarter fell 6.1% to $1.0 billion from $1.1 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.32 per share on revenue of $1.06 billion for the fourth quarter. Analysts' estimates typically exclude special items.

Manitowoc separately said that its Board of Directors has approved a plan to pursue a separation of the company's Cranes and Foodservice businesses into two independent, publicly-traded companies.

The company currently anticipates that the separation will be effected through a tax-free spin-off of the Foodservice business and expects the spin-off to be completed in the first quarter of 2016.