Manitowoc's 4Q beats expectations

MANITOWOC, Wis. (AP) -- The Manitowoc Company Inc., which makes cranes and restaurant equipment, reported Thursday that its fiscal fourth-quarter net income more than doubled on improved sales and margins.

The company earned $34.5 million, or 26 cents per share, for the period. That is compared with $14.9 million, or 11 cents per share, in the same quarter of the prior year. The most recent quarter benefited from the release of an $11.6 million reserve as a result of a favorable tax audit. After adjusting for that and other special items in both periods, it earned 27 cents per share versus 14 cents per share last year.

Manitowoc's total revenue increased to $1.13 billion from $1.03 billion, with gains in both its crane and foodservice businesses.

The quarter readily beat Wall Street's expectations. Analysts polled by FactSet were expecting the company to earn 24 cents per share on revenue of $1.09 billion for the period.

Glen E. Tellock, Manitowoc's chairman and CEO, said the results showcase the company's ability to manage its business despite the tough economy.

"Despite this prolonged and often volatile operating environment, we continue to believe we have the right strategy to continue expanding profitability across the entire Manitowoc enterprise," he said in a statement.

Manitowoc shares gained 25 cents to $17.85 in after-hours trading on the news. Its shares added 24 cents to close regular trading at $17.60. Its shares are near the top end of its 52-week trading range of $9.60 to $18.