Correction: Manitowoc sees too much iron in field, keeps 2020 margins goal
Manitowoc said yesterday on its earnings call, "We observed that the overall global market sentiment for lattice boom crawlers and rough-terrain cranes remained soft in the quarter. Continued weak rental and used equipment prices in the Americas and Middle East reflect the simple fact that there is frankly too much iron out in the field right now. We have seen pockets of growth in specific markets within North America, such as the Permian and Eagle Ford basins, but have yet to see broad sweeping improvement globally. European markets continue to show modest growth, underscored by residential and non-residential project activity." This story corrects a previous version which incorrectly referred to iron as iron ore. Manitowoc added yesterday that it remains "committed to delivering shareholder return by achieving our goal of double-digit operating margins by 2020."