Manitex's buoyant Q2 results5 September 2012
US boom truck producer Manitex International, based Bridgeview, IL, announced a record-breaking 42% rise in revenue and a 195% rise in backlog since Q2 2011, in part due to energy and power demand for trailers and boom trucks.
The revenue increased to $53.5m and the backlog to $149.6m over the same quarter last year.
Manitex's boom truck segment accounted for 50% of the revenue increase. Higher capacity and higher reach boom trucks were bought by the energy and power line construction sectors.
Trailers played a role in the increase with specialized material handling products and Load King trailer demand driven by energy sectors, along with some demand outside of the US.
Demand outside the US also led to increased sales of CVS specialized port and container handling equipment.
European markets remain subdued as expected.
In Manitex's Chairman and CEO David Langevin reported overall healthy demand exceeding expectations.
He said, "Our second quarter financial performance exceeded our expectations, and delivered record quarterly sales and EPS.
"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% since year-end, and our operating leverage continues to enable our bottom line growth to exceed that of our sales.
"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."