Manitowoc Q2 Earnings Miss Estimates, Revenues Decline 4% Y/Y

Cost of sales moved down 4.7% year over year to $440.5 million in the reported quarter. The gross profit was down 0.7% year over year to $99 million. The gross margin was 18.4% in the reported quarter compared with 17.7% in the prior-year quarter. Engineering, selling and administrative expenses increased 4.4% year over year to $87 million. Total operating costs and expenses were $89 million in the quarter compared with the $87 million reported last year. Key Takeaways The Manitowoc Company, Inc. (MTW) repo ...