The Manitowoc Company, Inc. (NYSE: MTW – $20.34) reported sales of $986.3 million for the third quarter of 2014, a decrease of 2.5% compared to the third quarter of 2013. During the quarter, the Food Service segment had a sales increase of 3.8%, which was offset by a 6.7% decrease in Crane segment sales. Excluding special items, third-quarter adjusted earnings from continuing operations was $50.1 million, or $0.36 per diluted share, versus $0.39 in the third quarter of 2013. Consensus estimates was for earnings of $0.42 on revenue of $993.3 million. Food Service increases were driven by higher sales of hot side brands and ice/beverage equipment, as well as a favorable foreign exchange rate. The decline in sales in the Crane segment was due to volume decreases that were most pronounced in the boom truck and rough-terrain product categories. Results reflected a muted demand environment brought on by uncertainty in the global economy. The company believes that this cycle has proven to be unlike any other, and operating performance in times of uncertainty will depend in a large part on MTW’s ability to improve the agility of focusing on the areas that are within the company’s control. The company also guided lower back on October 9 and believes that crane revenue will decline in the mid-to-high single digit range for the full year and that Food Service will have low-to-mid single-digit percentage growth. It now appears that earning for 2014 will about match the 2013 level, but longer term I believe both divisions will improve along with the international and domestic markets it serves, and the shares can be held in a well-diversified aggressive account for decent returns to late decade.