21.05.2014

Manitex up 5%

Crane and port equipment manufacturer Manitex has reported a first quarter sales growth of over five percent.

Total revenues for the period were $62.5 million 5.1 percent higher than in the same period of 2013, pre-tax profits climbed 7.5 percent to $2.78 million.

The backlog at the end of the quarter was $100 million, up over 29 percent on the quarter. Overall debt was reduced by around three percent to $52.6 million.

Chief executive David Langevin said: “Despite a more modest rate of growth at Manitex in the first quarter, which was a result of slowing orders in the back half of 2013, we posted favourable operating comparisons compared to last year’s same period. Importantly, as we previously announced in our year end release, we have seen a healthy acceleration in orders since the beginning of this year, with the backlog as of March 31, 2014 up almost 30% to $100 million, and production increases are currently in progress. The increase in backlog is being led by our Manitex cranes but also includes significant increases at a number of our other divisions. Our recent announcement of an additional military order at our Liftking subsidiary gives us visibility for this group through 2015.”

“As a result we are expecting significantly improved results for the second quarter and for the remainder of 2014, with higher sales, and gradual improvement in our gross margin, EBITDA and net income. More specifically, planned production increases should result in revenues in excess of $70 million in the second quarter with EBITDA margins recovering to more normalised historical levels. For the full year, and not taking into account any potential acquisitions, we would thus, expect our sales growth and profit growth to continue year over year at a more rapid pace than what we saw in the first quarter.”