Record revenues at Manitex in Q2
By Sarah Ann McCay09 August 2012
Manitex International saw second quarter 2012 revenues increase by 42% to US$ 52.5 million and net income report record growth of 124% to $2.3 million.
The US crane, telehandler and equipment manufacturer also reported a consolidated backlog of $149.6 million at 30 June 30 2012 - a record level for the company. The company's backlog has grown by 79% in the year to date, and is 195% higher than the comparable quarter's backlog a year ago.
David Langevin, Manitex chairman and CEO, said that demand for Manitex boom trucks, which accounted for 50% of the revenue increase, led increases in sales. The company also saw significant increases in sales of specialized material handling products and Load King trailers, which was driven by strong end user demand in the energy and international sector.
Manitex continues to invest in new product development, with $0.3 million spent on R&D in Q2, 2012. The company expects to launch a new product resulting from this R&D expenditure towards the end of quarter three, 2012, and benefit from the additional profitable growth opportunities in 2013.