Manitex International, a provider of boom truck and rough-terrain cranes, rough-terrain forklifts, specialized engineered trailers and more, posted net revenues of $57.5 percent in the third quarter, an 8-percent increase compared to the third quarter of 2012, although it was an 8-percent decline compared to the company’s record second quarter total of $62.6 million.
Net income was $2.6 million, a 4.7-percent increase compared to $2.5 million in the year-ago quarter. EBITDA for the third quarter increased 5.1 percent year over year to $5.6 million, equal to 9.8 percent of sales compared to $5.3 million and 10 percent of sales in the third quarter last year.
In the quarter, Manitex completed the acquisition of Sabre Manufacturing for $14 million.
“Despite a very slow overall economic environment, we posted another solid quarter of growth, putting us on pace to reach a record level of sales and profits for the full year 2013,” said chairman and CEO David Langevin. “We intend to continue to grow through the introduction of innovative niche products, such as our new 15-, 30- and 70-ton crane models along with acquisitions such as Sabre, which fit our specialized product strategy. Specifically, the third quarter was in line with our expectations, with notable improvement in our EBITDA margin to 9.8 percent of sales, and a steady rate for our gross margins. Given the state of the global economy, and our higher production levels, our backlog is also in good shape.”
Langevin said the company’s commitment to developing great products that serve specific needs in key markets and pursuit of niche products through acquisitions positions the company well for the future. “We are anticipating a strong close to the year in the fourth quarter, as we are set to deliver higher tonnage cranes, railroad cranes and other equipment against our backlog and inventory,” Langevin added. “Assuming we are able to get everything we have scheduled for production in the fourth quarter out the door, we would expect to close the year up approximately 20 percent on sales and earnings when compared to the previous year, achieving record sales and earnings.”
Manitex is based in Bridgeview, Ill.
