Manitowoc Foodservice misses 4Q profit forecasts

NEW PORT RICHEY, Fla. (AP) _ Manitowoc Foodservice Inc. (MFS) on Wednesday reported fourth-quarter net income of $21.4 million.

On a per-share basis, the New Port Richey, Florida-based company said it had net income of 15 cents. Earnings, adjusted for one-time gains and costs, came to 16 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The food and beverage equipment maker posted revenue of $378.7 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $369.4 million.

Manitowoc Foodservice expects full-year earnings in the range of 65 cents to 75 cents per share.

Manitowoc Foodservice shares have fallen nearly 1 percent since the beginning of the year.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MFS at https://www.zacks.com/ap/MFS

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Keywords: Manitowoc Foodservice, Earnings Report