Manitex reports record 2Q net revenues
BRIDGEVIEW — Manitex International Inc., reported net revenues for the second quarter of 2012 rose 42 percent to a record $52.5 million, as global demand for the company’s boom and lift trucks continue to grow.
Second quarter revenues were up from $37.1 million during the same period last year and 23 percent over first quarter 2012 revenues of $42.8 million, the company said in a statement.
“Our second quarter financial performance exceeded our expectations, and delivered record quarterly sales and EPS,” said Chairman and Chief Executive Officer David Langevin. “The year over year and sequential increases in our sales were led by Manitex boom trucks with growth also coming from each of our manufacturing operations, spanning a diverse range of end-markets.
“Our backlog continued to grow in the quarter, rising 79 percent since year-end, and our operating leverage continues to enable our bottom line growth to exceed that of our sales,” he added. “Our production increases are proceeding as planned, and the demand for our products remains healthy, which as indicated in our continued backlog expansion to $150 million, represents a new company record as of the close of the quarter.”
The company reported net income of $2.3 million, or 20 cents per share, increased 124 percent compared to the 2011’s quarter of $1 million or 9 cents per share.
The consolidated backlog of $149.6 million as of June 30 is a record level for the company, and represents a 79 percent year to date increase and is 195% higher than the comparable quarter’s backlog a year ago.
The company said its Manitex boom truck product specifically was responsible for approximately 50 percent of the increase, where the higher tonnage and higher reach boom trucks for the energy and power line construction sectors continue to represent the principal product in demand. The remaining increases in year over year revenues were generated by specialized material handling products and Load King trailers, which was driven by strong end user demand in the energy and international sector.
Sales of CVS specialized port and container handling equipment increased on a year over year quarterly basis driven by international sales. European markets, although subdued, remain in line with expectations. Compared to the first quarter of 2012, the strong 23% increase in revenues was a function of achieving planned increases in output ahead of schedule, together with the benefit of shipments of specialized material handling equipment.