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Why Shares of Manitowoc Fell Today

TheMotleyFool

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Why Shares of Manitowoc Fell TodayPhoto, wide shot, wide-angle lens, Investment company, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/81ff9992-3b90-4de2-ac95-7385f4698b55.png

Shares of Manitowoc (NYSE: MTW) fell more than 14% on Friday after the crane manufacturer joined the stampede of industrial companies taking a cautious approach to 2020. The company's fourth-quarter results weren't too bad, but management sees a challenging year ahead.

After markets closed Thursday, Manitowoc reported fourth-quarter adjusted earnings of $0.35 per share on revenue of $463.4 million. The results beat analyst earnings estimates by $0.06 per share but were about $30 million light on revenue.

Image source: Getty Images.

Source Fool.com

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