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Manitex International sees 3Q net loss

BRIDGEVIEW - Manitex International reported a net loss of $5.9 million in the third quarter of 2016 as the manufacturer of cranes and container handling equipment continued to struggle in a weak market.

Net revenues for the quarter were $74.1 million, down 12.3 percent from $84.5 million during the same period in 2015. Adjusted net income was $800,000 for the quarter, compared to an adjusted net loss of $600,000, or 4 cents per share, for third quarter 2015.

The company reduced cost by $2 million in the quarter and $7 million year to date equal, exceeding its target goal. Among the measures taken were the sale of its Liftking subsidiary for net proceeds of $13.4 million and cost reduction initiatives that included plant restructuring and head count reductions with an estimated cost of $1 million.

"Despite facing extremely challenging conditions in the bulk of our markets, we are managing our business portfolio prudently and taking all the necessary actions to position Manitex for future growth," said Manitex Chairman and Chief Executive Officer David Langevin.

"The global market for new cranes and equipment, as has widely been reported, remains at historically low levels in terms of unit volumes and sales, so as this persists, we will continue with our necessary responses, by implementing working capital reductions, business optimization and debt reductions, with possible nonstrategic subsidiary sales to come and working hard to stimulate sales as the economy will allow," he added.

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