Why Manitowoc Stock Surged 26% This Past Week
Shares of Manitowoc (NYSE: MTW) climbed 26% over the past week, according to data provided by S&P Global Market Intelligence, after the crane manufacturer reported sharply higher revenue and profits.
Manitowoc's sales jumped 24.9% year over year to $621.6 million in the fourth quarter. That easily surpassed Wall Street's estimates, which had called for sales of $565.8 million.
"As we entered the quarter, we felt confident that our shippable backlog and inventory levels would allow us to hit the low end of our guidance," CEO Aaron Ravenscroft said during a conference call with analysts. "The hard work of our team and a bit of luck with parts and vessel availability helped us end the year even stronger than we expected."
Source Fool.com
