Why Manitowoc Stock Popped 16% This Morning
Shares of heavy industrial crane builder Manitowoc (NYSE: MTW) are stretching higher on Tuesday morning, rising 16% through 10:45 a.m. ET after absolutely crushing on earnings while markets slept last night.
Heading into the fourth quarter of 2022, analysts had forecast Manitowoc might earn only $0.26 per share (adjusted for one-time items) on sales of $565.8 million. But in fact, Manitowoc came close to tripling the earnings estimate -- $0.74 per share -- on sales of $621.6 million.
Those sales were up 24.9% year over year by the way, far exceeding analyst expectations despite having to contend with unfavorable currency exchange rates. Full-year sales passed $2 billion, up 18.2%.
Source Fool.com
