Heavy equipment manufacturer Manitex International, of Bridgeview, reported record third quarter revenues as increased demand offset the slowdown in the manufacturing sector.
Net revenues for the quarter rose 44 percent to a record $53.4 million, compared to the prior year's quarter of $36.9 million, the company said in a statement. Net income of $2.5 million, or 21 cents per share, increased 145 percent over the prior year's quarter of $1 million and 9 cents per share.
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The company's work backlog was $125.8 million as of September 30, which is a 50 percent year to date increase and 99 percent higher than the comparable quarter's backlog last year.
"We've significantly exceeded the results of all of 2011," said Chairman and Chief Executive Officer David Langevin. "These results, despite serious uncertainty in the broader markets, reflect a well-focused strategy and execution commitment from each of our operating teams.
"During the quarter we took several more steps to position ourselves for long-term sustained performance including a 57 percent reduction in our long term, acquisition related, debt and the introduction of a new 15 ton crane targeted for the refining, steel and certain industrial niches," Langevin added. "As we go forward, we will continue to focus on expanding our sales, cost reduction, quality control, and introducing new products which serve our customers' needs."
The company said production of Manitex boom trucks were responsible for over 80 percent of the revenue increase, with the need for high reach boom trucks in the energy and power line construction sectors leading that demand. The energy sector also drove more demand for the company's specialized material handling products and Load King trailers.