Investors have been waiting for the boom/bust crane cycle to fuel another upswing in Manitowoc's (NYSE:MTW) results, but the actual recovery in construction and infrastructure activity has proven slower and less stable than hoped. Management remains confident that the outlook for 2014 hasn't changed all that much, but investors clearly voted with their feet, as the weak first-quarter results sent the shares down 10% on Friday. Even after the decline, Manitowoc isn't all that cheap, but it does remain a leveraged play on that recovery in construction and construction equipment spending.
Cranes Lower The Boom On Q1 Results
Revenue fell 5% for the first quarter and came in about 7% lower than expected, due entirely to weaker...
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