Manitowoc -8.6% on weak Q3 guidance, big drop in orders and backlog

|About: Manitowoc Company, Inc. (MTW)|By:, SA News Editor

Manitowoc (NYSE:MTW) -8.6% AH after reporting preliminary Q3 results indicating net sales fell to ~$350M from $538M in last year's Q3, and a double digit decline in orders and backlog.

MTW says it expects its Q3 operating loss widened to $134M from an $8M loss in the year-ago quarter; on an adjusted basis, operating losses totaled $31M, vs. a loss of $8M in the same quarter last year.

MTW says orders and backlog declined by double digits during Q3, with the trends continuing into Q4, causing it to "significantly" reduce production build schedules for Mobile products to reflect lower incoming order rates.