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Manitex Revenues Spike 49 Percent in Third Quarter

Manitex International, a provider of engineered lifting solutions including boom truck and rough-terrain cranes, rough-terrain forklifts, this week announced third-quarter 2011 revenues of $37.0 million, a 49-percent leap from $24.9 million in the third quarter of 2010. Net income for the third quarter of 2011 increased 54 percent to $1.0 million or $0.09 per share compared to $0.7 million or $0.06 per share for the third quarter of 2010.

Consolidated backlog at Sept. 30, rose to $63.1 million representing an increase of 25 percent in the third quarter and 58 percent, or $23.2 million, from Dec. 31, 2010. EBITDA for the third quarter of 2011 increased 39 percent to $3.1 million, the highest recorded in a quarter by the company, representing 8.5 percent of sales compared to $2.3 million or 9.1 percent for the third quarter of 2010.

“Solid execution of our strategy to focus on providing specialized products to niche markets continues to yield strong results for our company,” said chairman and CEO David Langevin. “In a climate of marginal, if any, global economic expansion, we continue to consistently grow our backlog and have healthy increases in revenues, cash flow, and earnings per share for the third quarter. We will continue to look for opportunities to grow the business through the development of new products for strategically important markets as well as through selective acquisitions of complementary brands to add to our portfolio.”

Manitex International is headquartered in Bridgeview, Ill.

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