Shares of Manitowoc Co. MTW, +2.37% skidded in Wednesday’s prolonged session after the tools producer warned that its quarterly loss likely deepened within the 1/3 quarter. the company stated it expects its 0.33-quarter working loss widened to $ 134 million from a lack of $ eight million a year earlier. On an adjusted foundation, its running loss totaled $ 31 million compared with a loss of $ eight million in the identical quarter last year. net gross sales are estimated to have lowered to $ 350 million versus $ 538 million in the year-ago period. “even though the current industry environment is still troublesome, we are assured in our lengthy-time period strategy, targeting double-digit running margins with the aid of 2020,” mentioned Chief government Barry Pennypacker in a press unlock. Manitowoc slumped greater than 8% after hours.
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