Manitex reports major uptick
By D.Ann Shiffler29 March 2012
Manitex International reports that 2011 net revenue rose 48% to a record US$142.3 million compared to the prior year's $95.9 million. It beats the company's previous high of $106.9 million in 2007. For the quarter ended 31 December 2011 net revenue was $36.6 million, a 24% year-over-year increase, from $29.5 million.
"We made exceptional progress in 2011, with record financial performance from top to bottom, and believe that we are well-positioned for continued growth throughout 2012," said David Langevin, chairman and CEO. "Robust demand for our energy based products was the primary driver of our growth during the year, and the continued growth in our backlog indicates that 2012 will be another year of healthy expansion. We are working hard to secure supply, increase our production, and ship product to keep up with the pace of our order backlog, which is principally at our Manitex cranes division, although we are seeing contributions from each of our other product lines as well, though at more moderate levels."
Growing demand for Manitex boom truck products, particularly from the energy and power line construction sectors, was responsible for approximately 50% of the increase. For these sectors the higher tonnage and higher reach boom trucks represent the principal product in demand, complemented by more specialized mid-range capacity units.