On Tuesday, Shares of Manitowoc Company Inc (NYSE:MTW), declined -1.43% to $17.22, during its last trading session.
The Manitowoc Company, stated second-quarter 2015 sales of $885.4 million, a 12.6 percent decrease from $1,012.8 million in second quarter of 2014, of which $59.7 million, or 46.9 percent, was caused by unfavorable foreign currency impact.
On a GAAP basis, the company stated net income of $23.3 million, or $0.17 per diluted share, in the second quarter of 2015, as compared to net income of $46.6 million, or $0.34 per diluted share, in the second quarter of 2014. Foreign currency had a negative $0.03 impact on current-quarter results. Not taking into account special items, adjusted income from ongoing operations was $30.6 million, or $0.22 per diluted share, in the second quarter of 2015, as compared to adjusted earnings from ongoing operations of $47.8 million, or $0.35 per diluted share, in the second quarter of 2014. Adjustments to GAAP results comprise certain items administration considers in evaluating operating performance in each period. A reconciliation of GAAP net earnings to net earnings before special items for the quarter and year-to-date periods is offered later in this press release.
“Our second-quarter results were primarily driven by continued weakness in our rough-terrain and boom truck markets, in addition to lingering effects of operational issues in KitchenCare and lower capex spending by large foodservice chains. However, improving trends within Foodservice as we moved through the quarter offer confidence that the corrective actions we have implemented are starting to pay dividends. Furthermore, our tower crane and all-terrain crane businesses, on a constant currency basis, continue to track to our expectations. In an effort to mitigate the negative factors impacting our results, we continue to take decisive actions that will enhance our operational performance, optimize our cost structure, and maintain our leadership position through innovation and quality,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer.
The Manitowoc Company, Inc. designs, manufactures, and sells cranes and related products, and foodservice equipment worldwide. The Cranes and Related Products segment offers lattice-boom cranes, counting crawler and truck mounted lattice-boom cranes, and crawler crane attachments; tower cranes comprising top slewing, luffing jib, topless, and self-erecting tower cranes; mobile telescopic cranes, such as rough terrain, all-terrain, truck mounted, and industrial cranes; and boom trucks comprising telescopic boom trucks under the Manitowoc, Potain, Grove, National Crane, and Shuttlelift brands.
At the end of Tuesday’s trade, Shares of Allison Transmission Holdings Inc (NYSE:ALSN), lost -0.77% to $29.64.
Allison Transmission Holdings and the Ann Arbor Area Transportation Authority, have dedicated the first of 60 new buses equipped with the latest advances in fuel economy technology. Referred to as xFE, designating extra fuel economy, the new fully automatic bus transmission has demonstrated improvements up to 7 percent.
“This dedication ushers in a new era for fuel economy technology,” said Heidi Schutte, executive director of North America sales for Allison Transmission. “As a customer for more than 20 years, we’re happy TheRide is the first transit agency in the world to feature our new xFE automatic transmission.”
The new buses are part of TheRide’s Five-Year Transit Improvement Program to implement new and expanded services, while also replacing older buses in the agency’s fleet. So far, TheRide has taken delivery of eight buses with seven more due in November. Another 45 buses will be delivered over the next five years. In addition to the xFE transmission, the buses feature a new exterior design.
Allison Transmission Holdings, Inc., together with its auxiliaries, designs, manufactures, and sells commercial and defense fully-automatic transmissions for medium- and heavy-duty commercial vehicles, and medium- and heavy-tactical U.S. defense vehicles.
Finally, Fifth Street Finance Corp. (NASDAQ:FSC), ended its last trade with -0.77% loss, and closed at $6.48.
Fifth Street Finance Corp., declared that it has finalized an amendment to extend the maturity and reduce pricing on its existing $125 million revolving credit facility with Sumitomo Mitsui Banking Corporation (“SMBC”). The reinvestment period was extended by one year to September 16, 2017 and the maturity date was extended by one year to September 16, 2021. Additionally, the stated interest rate on the facility was changed from LIBOR plus 2.25% per annum to LIBOR plus 2.00% or LIBOR plus 2.25% per annum, based on actual usage levels.
“Our revolving credit facility with SMBC provides us with long-term, flexible capital and allows FSC to continue providing debt financing in support of our private equity clients. We have built a strong relationship with SMBC and appreciate its continued support in assisting us to optimize our capital structure and lower the cost of our debt,” stated Todd G. Owens, FSC’s Chief Executive Officer.
Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors. The Company’s investment objective is to maximize the Company’s portfolio’s total return by generating income from its debt investments and capital appreciation from its equity investments.
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