15.05.2012

Manitex up 35%

Boom truck, crane and reach stacker manufacturer Manitex International has reported a strong first quarter.

Revenues climbed over 35 percent to $42.85 million, driven largely by increased boom truck sales, while pre-tax profits almost tripled to $1.89 million. The company’s backlog/order book also saw a substantial improvement climbing almost 52 percent to $133 million or around nine months’ worth of business.

Chief executive David Langevin said: "The momentum in our business that led to record levels of sales, EBITDA, and backlog in 2011 continues to move us forward in 2012. We are executing well according to plan, and our first quarter's results reflect the operating leverage in our model, with the bottom line growing faster than our top line. In the first quarter we began to benefit from a planned output expansion that is taking place at our Manitex boom truck operations. We expect to continue to increase output in each quarter during 2012 in response to the robust demand in the niche markets we serve, with particular strength coming from the North American energy field. The growth in our backlog further underscores the health of our business, and speaks well to our strategy of developing products that serve high growth markets."

“Continuing strong demand for Manitex boom truck products, particularly from the energy and power line construction sectors, was responsible for approximately 60 percent of the increase. For these sectors the higher tonnage and higher reach boom trucks represent the principal product in demand, complemented by more specialised mid-range capacity units. The remaining increase was generated by Load King trailers, driven by strong end user demand in the energy sector, and the equipment distribution segment. Material handling products were slightly lower as lower military and governmental sales were only partially offset by increased sales of CVS container handling equipment.”