Acqisitions drive Manitex 1Q revenues up 69 percent

BRIDGEVIEW - Manitex International said net revenues for the first quarter of 2015 increased 69 percent on the strength of its recent acquisitions of two manufacturers

The manufacturer of cranes and specialized material and container handling equipment reported net revenues for the quarter of $105.9 million, compared to $62.6 million for the same period in 2014. Manitex acquired PM Group, a manufacturer of truck mounted knuckle-boom cranes based near Modena, Italy for $30.4 million in January, and in December 2014 the company acquired 51 percent of ASV Inc, a manufacturer of compact tracked loaders and skid steers based in Minnesota, for $26.4 million.

"We have brought together an exceptional portfolio of specialized industrial equipment businesses and are making good progress integrating our most recent acquisitions," said Manitex Chairman and Chief Executive Officer David Langevin. "This was the first quarter in which we have included both ASV and PM Group in our results, and as expected, our financials have changed significantly, with revenues now running at over $100 million per quarter."

Adjusted net income was $1.5 million or 10 cents per share, compared to net income of $1.9 million or 14 cents per share. The net loss was due to transactions costs associated with the acquisitions, the company said.