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Why Manitowoc (MTW) Stock Is Down Today

NEW YORK (TheStreet) -- Shares of The Manitowoc Company (MTW - Get Report) were falling 11.6% to $14.47 on Thursday after the food service and construction products company announced its preliminary third quarter results.

Manitowoc said it now expects to report revenue of $863 million for the third quarter, down from $986.3 million in the year-ago quarter. Analysts expect the company to report earnings of $942 million for the quarter.

The company said it expects earnings of about $5 million for the third quarter of 2015, down from $73 million in the third quarter of 2014.

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Manitowoc said it expects its Cranes segment 2015 revenue to fall between 15% and 20% year over year, with operating margins in the low single-digits.

"While we are seeing continued improvement in our Foodservice business, our Cranes segment continued to be negatively impacted by a deteriorating demand environment, particularly in the Middle East and Asia," Chairman and CEO Glen E. Tellock said in a statement. "In addition, lower than anticipated tower and crawler crane shipments exacerbated the shortfall in revenues for the third...