Manitowoc Co. (MTW) is expected to report Q1 earnings Thursday, April 30, after the market close with a conference call scheduled for Friday, May 1 at 10:00 am.
Analysts are looking for EPS of 13c on revenue of $1.05B. The consensus range for EPS is (6c)-31c, while the consensus range for revenue is $806.6M-$1.19B, according to First Call. The company gave guidance for FY09 when it reported Q4 results, but withdrew the forecast on March 30, saying it would not be issuing new guidance. Manitowoc noted the current trends in the end markets for its businesses, particularly for the crane segment, are driving financial performance that is significantly softer than projected when the company announced its FY09 guidance in January. Over the last six to nine months, global demand for the company's crane products has not stabilized and continues to decline further than previously anticipated due to the global recession. Accordingly, the company no longer believed that it will be able to achieve its previous guidance for sales, earnings per share, or cash flow. The company's Q1 EPS is anticipated to be more than 50% below the Street's average estimate.