Shares of commercial foodservice equipment manufacturer
Manitowoc Company, Inc.
) reached a new 52-week high of $23.04 on Dec 23. Manitowoc has a
market cap of $4.8 billion. Average volume of shares traded over
the last three months stood at approximately 2.28 million.
Shares of Manitowoc started escalating following its strong third
quarter results on Oct 24. Adjusted earnings from continuing
operations catapulted an impressive 129% year over year to 39
cents per share helped by sound performance in the Crane segment,
successful introduction of new products, as well as Manitowoc's
strategic initiatives. Total revenue was $1014 million in the
reported quarter, up 7% year over year driven by increased Crane
For full-year 2013, Manitowoc expects sales in Crane segment to
rise in mid single-digit growth and Foodservice revenues to
increase in modest single digits. The company forecasts
high single-digit improvement in operating margins in the Crane
segment and mid-teens gains in the Foodservice segment.
Crane demand is expected to increase significantly, aided by a
turnaround in the construction sector. The segment will also be
benefited by innovation of new products and services. Growing
global energy and power generation investment will drive segment
growth. The Foodservice segment will be assisted by new
manufacturing facilities and new products. The company also
remains focused on cost reduction and improving efficiency, which
will help boost its earnings.
Currently, Manitowoc carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the retail sector include
H&E Equipment Services Inc.
Alamo Group, Inc.
). While Kubota carries a Zacks Rank #1 (Strong Buy), Alamo Group
and H&E Equipment Services hold a Zacks Rank #2 (Buy).
ALAMO GROUP INC (ALG): Free Stock Analysis
H&E EQUIP SVCS (HEES): Free Stock Analysis
KUBOTA CORP ADR (KUBTY): Get Free Report
MANITOWOC INC (MTW): Free Stock Analysis
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