The Manitowoc Co. says its third quarter net income will be below analyst forecasts, because of slowing demand for its crawler cranes.
The company said that it now expects earnings-per-share will range from 12 to 18 percent higher than the year-ago per-share earnings of 51 cents. As a result, figures will be 8 to 12 percent lower than the consensus estimate of 65 cents, because of slowing demand for crawler cranes, the company said.
“During the third quarter our crane sales began to decline at industry rates,” of more than 10 percent, said Terry Growcock, Manitowoc CEO. “Furthermore, we anticipate that slower demand is now likely throughout the fourth quarter and well into 2003.”
