Manitex, provider of cranes and specialized material and container handling equipment, posted a net revenue increase of 15.1 percent to $66.2 million in the third quarter, compared to $57.5 million in last year’s third quarter. However, third quarter adjusted EBITDA of $4.5 million declined compared to $5.5 million a year ago.
The revenue increase was the result of a 46-percent year-over-year jump in material handling product sales, because of increased demand from the general construction market.
“From an operational perspective, our third quarter was similar to the second quarter, but as we expected, with a higher proportion of our production and sales allocated to smaller tonnage cranes and material handling products,” said David Langevin, chairman and CEO. “Consequently, the product mix negatively impacted our bottom line for the quarter. As we announced earlier this week, however, we have seen a good rebound in orders for higher tonnage cranes in recent weeks, and we expect that mix and margin improvements in the fourth quarter and beyond to be led by military orders in Liftking and stronger orders for our larger cranes from numerous dealers. Our order book is in good shape at $100 million.”
Langevin added that while worldwide demand for capital equipment was sluggish, “as a niche provider serving diverse markets, we continue to see certain pockets of strength within our product portfolio.
Langevin also said the recently announced joint venture with Terex in compact track loaders and skid-steer loaders will add profitable revenues of more than $100 million and allow Manitex to participate in a market showing signs of early recovery.
Manitex is based in Bridgeview, Ill.