Manitex Posts Record Revenues in Second Quarter

Aug. 9, 2013

Manitex International, a leading provider of boom truck and rough-terrain cranes, rough-terrain forklifts and more posted a 19-percent increase in net revenues for the second quarter to a record $62.6 million, compared to $52.5 million in the previous year’s quarter, and 5 percent compared to the first quarter 2013 revenue total of $59.6 million. Net income of $2.7 million or $0.22 per share, increased 15 percent compared to $2.3 million and $0.20 per share for the year-ago quarter.

EBITDA for the second quarter increased 7.8 percent to $5.5 million, equal to 8.8 percent of sales, compared to $5.1 million and 9.7 percent of sales for the same period in 2012.

During the quarter, Manitex acquired Sabre Manufacturing, a Knox, Ind.-based manufacturer of a comprehensive line of specialized trailer tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons, with a large installed base in North America. Its tank trailers are sold to specialist independent tank rental companies for a variety of end markets such as petrochemical, waste management and oil and gas drilling.

“The record sales and profits we recorded in the second quarter results demonstrate continued execution of our niche product strategy,” said chairman and CEO David Langevin. “The global economic environment, as has been widely reported, remains subdued, and while we are cautious we believe our businesses will continue to perform on a solid basis in this challenging economic landscape. The primary driver of our growth remains our crane business. We believe that our new 70-ton crane product will have a significant impact for us in the future.”

Manitex is based in Bridgeview, Ill.