BRIDGEVIEW -- Manitex International announced second quarter 2011 revenues of $37.1 million, representing a 90 percent year-over-year increase, buoyed by the recent acquisition of CVS Ferrari.
Net income for the second quarter of 2011 was $1 million or 9 cents per share compared to $200,000, or 2 cents per share for the second quarter of 2010.
The provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, special mission oriented vehicles, container handling equipment and specialized engineered trailers, also said gross profit of $7.5 million was an improvement of $2.9 million compared to $4.6 million in the second quarter of 2010.
"We continued to show progress as demonstrated throughout our second quarter results. New bookings across our business units resulted in healthy backlog growth, and strong year-over-year increases in sales, EBITDA, and earnings per share," Chairman and Chief Executive Officer David Langevin said. "Other equally important measures of our success in the quarter included the finalization of the CVS Ferrari acquisition, and the expansion and extension of our credit facility, which we believe will be key strategic drivers of our future growth.
"We're excited about the progress we continue to make and we believe we are well-positioned for a strong second half. Nevertheless, we are very aware that in these uncertain economic times we must be very cognizant of controlling our costs and remain vigilant in this regard, as we have done in the past," he added
Second quarter 2011 net revenues of $37.1 million, including approximately $8 million of sales from the Italian CVS Ferrari operations, increased $17.6 million or 90 percent over the second quarter of 2010. Excluding the impact of new operations, organic revenue growth was 39 percent. Revenue increases were obtained in both operating segments, with Lifting Equipment increasing 81 percent and Equipment Distribution increasing 254 percent.
Within the lifting equipment segment, boom truck crane sales increased approximately 80 percent and continue to reflect strong demand for larger products from the specialty energy and utility markets, in both the U.S. and abroad.
Material handling products benefited from another strong quarter from the CVS Ferrari container handling business and improved demand in the specialized trailer market which helped offset weaker demand in the higher margin military and specialized governmental products. The increase in equipment distribution revenues was driven by our used equipment sales program which we began in June 2010 and increased parts sales and service activity. On a sequential quarter basis, total revenues increased 17 percent largely due to increased sales from the crane operations.