Uptick at Manitex
By D.Ann Shiffler11 February 2021
Manitex is seeing an uptick in business for its PM articulating cranes, Manitex boom trucks and Valla electric cranes.
Manitex International reports that it is experiencing “continued recovery in orders.”
“Management currently anticipates a reported backlog of $68.0 million for the period ended December 31, 2020, representing 34.7 percent growth from $50.5 million as of September 30, 2020,” according to a press release. “The company’s consolidated backlog of approximately $82.0 million, as of January 31, 2021 is at its highest level in over three years.”
This recovery in the backlog has been driven primarily by the company’s articulated crane and aerials products at PM Group, which has experienced a consistent increase in orders since Covid-19 related shutdowns in the first half of 2020, the company said.
aid. As of January 31, 2021, PM’s backlog of $46.0 million represents growth of 100 percent since the second quarter of 2019, and now represents 66 percent of Manitex International’s consolidated backlog.
In addition, strong bookings from Manitex straight-mast crane products contributed to a 23 percent growth in its backlog in January 2021 alone. Valla, the company’s electric crane group, has also seen a steady uptick in orders and its backlog and is currently at its highest level since being acquired by Manitex, the company said.
“Our strategy to focus on growth markets and streamline our businesses has resulted in a much stronger global organization,” said Steve Filipov, CEO, Manitex International. “We took decisive actions in the past 12 months to enable more meaningful participation in the growing global articulating crane market and reinforce our market-leadership position in straight mast cranes. While Covid-19 still presents risk to our business in 2021, our growing backlog is indicative that we can expect a good year of growth this year with higher revenues. Going forward, higher volume, and favorable product mix should also contribute to margin improvement and cash flow generation consistent with our long-term targets.”