13.11.2011

Manitex up 59%

Boom truck, crane and aerial lift manufacturer Manitex increased revenues by over 59 percent in the first nine months of 2011.

Revenues for the nine months to the end of September were $105.7 million over 59 percent higher than at the same point last year, while pre-tax profits increased 119 percent to $3.85 million. The company’s order book is up 58 percent on the start of the year to $63.1 million.

In the third quarter sales jumped over 48 percent to $36.9 million while the order book climbed 25 percent. Pre-tax profits were $1.57 million 60 percent higher than in the same quarter last year.

Chief executive David Langevin said: “Solid execution of our strategy to focus on providing specialised products to niche markets continues to yield strong results for our Company. In a climate of marginal, if any, global economic expansion, we continue to consistently grow our backlog and have healthy increases in revenues, cash flow, and earnings per share for the third quarter. With our backlog expansion we now are challenged to expand our output levels as we enter into 2012 knowing that we should achieve a record year for Manitex International in 2011. We will continue to look for opportunities to grow the business through the development of new products for strategically important markets as well as through selective acquisitions of complementary brands to add to our portfolio.”

Vertikal Comment

This is a good result from Manitex which continues to grow through bolt on acquisitions, the latest being Italian based port equipment company CVS, which became part of group at the start of the third quarter.

Don’t be surprised to see more overseas acquisitions from Manitex in the future.