Record 2013 for Manitex
By Alex Dahm24 March 2014
Crane manufacturer Manitex International, headquartered in the USA, reported record financial results for 2013.
In 2013 net revenue rose by US$ 39.8 million or 19 %, to a record $ 245.1 million, compared to $ 205.2 million in 2012. For the fourth quarter of 2013 net revenue was $65.4 million, a 16 % year over-year increase from $56.5 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2013 was $21.5 million (8.8 % of sales), compared to $17.9 million and 8.7 % in 2012, an increase in EBITDA of 20 %. For the fourth quarter 2013, EBITDA was $6.2 million or 9.5 % of sales, compared to $4.1 million and 7.3 % of sales, an increase of 52 %.
David Langevin, Manitex chairman and chief executive officer, commented, “We ended 2013 on solid financial footing, with record top-and bottom-line results. While we saw some volatility in market demand throughout the year, we achieved respectable organic growth and also had solid contributions from the acquisitions we made in the year. We are also pleased to report that our backlog in cranes for the start of 2014 is up approximately 50 % since year-end, a level that represents our strongest order intake in over eighteen months, and gives us improved visibility for 2014.”
Langevin continued, “North America remains our most active geographic market and we’ve continued to drive execution in an environment in which we are seeing modest economic growth. Despite the fact that crane markets were slightly lower for the year, we achieved growth of 19 % year over year in sales and 26 % in net income over the same period, with margins consistent with historical ranges.”