US based crane and aerial lift manufacturer Manitex has reported a strong first half recovery.
Total revenues were $107.2 million, an increase of 25 percent on the same period last year, while pre-tax profit came in at $5.2 million, compare d to a $9.7 million loss in the first half of 2020. The order book/backlog at the end of June was $111.2 million, an increase of 64 percent compare to the start of the year. Net debt was just $25.4 million.
In the second quarter sales improved 62 percent to $60 million, with a pre-tax profit of $5.7 million compared to a loss in the first quarter of last year of $1.1 million.
Chief executive Steve Filipov said: “The dedication and execution of our entire team at Manitex in refocusing our business on global growth markets and achieving a higher level of financial performance has continued to drive our results at Manitex. In the second quarter, we reported higher revenues, improving gross margins, and improved EBITDA both in terms of dollars and percentage. And, at over $2 million for the quarter, our adjusted net income from continuing operations is on pace to reach higher annualised levels than we’ve seen in recent years. We continue to gain share on knuckle booms and aerials in certain European markets such as Italy, France, Spain, and the UK, and our straight mast boom truck business is tracking to an industry wide recovery from 2020, where we remain a market leader.”
“We are seeing more confidence from our distributors and partners in their order patterns. There are tenders that we continue to work on around the globe, and legislative progress towards an infrastructure spending program in the United States suggests increased construction activity. Our products are all very well suited to handle much of the work that will be done through new funding initiatives, and we’re excited about the opportunities ahead. Our backlog, at over $111 million, reflects a healthy recovery in demand in many of the markets that we serve. Our balance sheet, with net debt of $25 million, is in good shape, and our cash and availability of approximately $37 million also positions us well to achieve our sales and margin objectives in this recovery. While the supply chain continues to pose challenges to the industry for product availability and pricing, we expect a strong finish to the year.”
Steve Filipov appears to be making progress with Manitex, although this year is mostly compared with the worst quarters of the pandemic, and that needs to be taken into consideration. Having said that the company has been making substantial gains with the PM loader crane line in the USA now that it is more closely allied with the Manitex brand.
It is also beginning to recover lost market share in other regions and progress is being made with the Valla and Oil&Steel product lines following a fairly extensive period of decline. The company still has much to do in terms of distributions, marketing and brand building, but these numbers suggest that it is making an impact now.
All very positive.