Shares in Manitowoc slumped last week as the crane manufacturer announced disappointing sales figures for last quarter.
Manitowoc reported net income of $1.4 million, but a stronger performance in emerging markets failed to stop sales falling 8.5 percent to $438.8 million in July-September. Shares in the company fell 2 percent as Wall Street following the announcement of its results.
The company was more positive about its prospects in 2011 as it expects the North American market to grow and dealers to start stocking up on inventory.
“Faced with enduring weakness in the global economy during the third quarter, we continued to focus on our initiatives that will position the company to capitalise on opportunities as demand strengthens,” said Glen Tellock, Manitowoc’s chairman and CEO.
“While prolonged uncertainty and restricted credit availability in the markets created headwinds for our crane business, we remain confident that the worst is behind us and believe indicators are pointing to an improving environment, albeit at a slower pace than we had originally anticipated. That said, strength in key emerging markets and healthier demand in the foodservice segment mitigated some of the downward pressure on our overall results.”
