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Manitowoc Q4 GAAP Loss Widens; Provides FY11 View - Quick Facts

(RTTNews) - Manitowoc Co. Inc. (MTW), a manufacturer of foodservice equipment, cranes and ships, reported fourth quarter GAAP loss of $63.8 million or $0.49 per share, versus a net loss of $23.5 million or $0.18 per share last year.

Excluding special items, quarterly adjusted earnings from continuing operations were $15.0 million or $0.11 per share versus an adjusted net loss of $12.2 million or $0.09 per share in the prior year.

Sales for the quarter were $830.9 million, up 4.1% from $798.1 million in the previous year.The sales increase was due primarily to a 6.8% increase in Foodservice segment sales, coupled with a 2.3% increase in Crane segment sales.

Analysts polled by Thomson Reuters expected the company to earn $0.04 per share on revenues of $852.76 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to 2011, the company predicts Foodservice revenues to be high single-digit percentage growth and Crane revenues to be low double-digit year-over-year percentage growth.