Shares of Manitowoc Company, Inc. (MTW - Free Report) scaled a new 52-week high of $8.40 on Aug 8 following the announcement of its second quarter results, before ending the day lower at $7.40. The company has delivered a one-year return of about 61%. Manitowoc has a market cap of $1.1 billion. Average volume of shares traded in the last three months is pegged at approximately 1.62 million.
What's Driving Manitowoc?
Manitowoc reported second-quarter 2017 adjusted earnings of 5 cents per share, up 67% from 3 cents reported in the year-ago quarter. After incurring losses for straight three quarters due to weak crane demand, the company has returned to profit in the second quarter. The year-over-year improvement was mainly driven by focus on consolidating manufacturing footprint and reducing cost of organizational structure.
Backlog for the quarter came in at $491 million as of Jun 30, 2017, up 25% from $393.5 million in second-quarter 2016. Second-quarter orders of $379.5 million, which included the initial production order related to the U.S. Army contract, were up 9% from the comparable period in the last year.
Manitowoc updated full-year 2017 financial guidance backed by first-half 2017 performance and expectations of revenue growth for the back half of the year. The company now expects revenues to decline approximately 5–7% year over year in 2017. It previous guidance was a decline of between 8% and 10%. Adjusted EBITDA is anticipated to lie between $59 million and $69 million (previous guidance was between $41 million and $59 million).