Revenue during the quarter plunged 30.36 percent to $378.20 million from $543.10 million in the previous year period. Gross margin for the quarter contracted 421 basis points over the previous year period to 12.03 percent. Operating margin for the quarter stood at negative 6.29 percent as compared to a negative 2.56 percent for the previous year period.

Operating loss for the quarter was $23.80 million, compared with an operating loss of $13.90 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $16.40 million compared to operating profit of $11.10 million in prior year period.

“During the fourth-quarter we experienced demand levels consistent with prior year trends with sequential improvement in revenue, as well as, incoming orders. Our mobile orders in the Americas and the Middle East were affected by continued low rental rates, weakness in used equipment prices and continued low oil prices. Our tower crane business continued to perform as expected, mainly attributable to positive market sentiment in Europe complemented by our new product introductions. While the global crane market continues to be dynamic, we remain cautiously optimistic about the long-term market fundamentals,” commented Barry L. Pennypacker, president and chief executive officer of The Manitowoc Company, Inc.

Working capital increases sharply
The Manitowoc Company, Inc has recorded an increase in the working capital over the last year. It stood at $336.90 million as at Dec. 31, 2016, up 159.15 percent or $206.90 million from $130 million on Dec. 31, 2015. Current ratio was at 1.82 as on Dec. 31, 2016, up from 1.15 on Dec. 31, 2015.