11.11.2010

Manitex up 65%

US based crane and RT forklift manufacturer Manitex has reported a strong increase in revenues and profits in its third quarter results.

Revenues for the nine months to the end of September were $66.3 million, up 62 percent on the same period last year, while generating a pre-tax profit of $1.76 million compared to a loss last year of $556,000.

In the third quarter revenues were up 65 percent to $24.9 million, while pre-tax profits were $980,000 compared to a loss of $359,000 in the same quarter of 2009. Manitex says that the improvements came from all of its sectors, which include boom trucks, mobile cranes, Rough Terrain fork trucks and most recently the marine business of CVS Ferrari which it has taken over.

Manitex says that without the three months CVS contribution, revenues would have been up 39 percent for the quarter and 52 percent year to date. The company’s backlog/order book as of the end of September was $32.8 million compared to $22.9 million at the same point last year and $25 million as of the end of June.

Manitex chief executive David Langevin said: "We continue to show improved results in each of our key operating and financial metrics and we're especially pleased to be reporting our third consecutive quarterly profit. The increase in our profitability for the current quarter is the result of a number of positive factors including continued growth in non-domestic sales, favourable product mix, and continued cost diligence in various areas across the enterprise."

"Our goals and strategic direction going forward emphasize the development of specialized niche products in markets in which we see potential for growth. Despite a still-challenged U.S. economy, we remain optimistic about the longer-term possibilities of economic expansion here in the U.S. and internationally heading into 2011."

"Of particular note is the excellent progress of our strategy to pursue diversification into international markets. Third quarter sales to non-U.S. customers accounted for approximately 35 percent of total revenues compared to virtually none just two years ago. Even under difficult economic conditions, we have thus been able to successfully identify and enter new markets to increase our sales and profits."

"Our expectation for the fourth quarter is for similar sales and profits as we had in the third, which would represent a particularly strong finish to a healthy full year of growth for us. We further anticipate that our recent new venture, the CVS Ferrari business, which we have been operating for three months and which has thus far generated the profits and revenues we expected, will become a more material contributor to our results in the coming periods."