Year-on-year, Manitex’s results followed suit with the rest of the crane industry, with net revenues down from USD28.5m in the third quarter of 2008 to USD15.1m in 2009; gross profit down from USD4.2m to USD2.2m; an operating income from continuing operations of USD0.8m turning into an operating loss from continuing operations of USD0.7m; and a net income of USD0.3m becoming a net loss of USD0.1m.
For the nine months to 30 September, net revenues fell from USD79m in 2008 to USD41m in 2009; gross profit fell from USD12.9m to USD7.7m; operating income from continuing operations of USD2.7m fell to an operating loss from continuing operations of USD0.2m; and net income of USD1.9m fell to a net loss of USD0.2m.
Manufacturing and operating expenses, excluding acquisitions and restructuring, fell 43% and 31% respectively during the third quarter compared to the same period in 2008; and 50% and 42% respectively for the year-to-date.
Quarter-on-quarter revenue growth, up 27% in the third quarter compared to the second quarter, was the result of market share growth for its businesses, Manitex said. Its boom truck market share has increased 38%, or 900 base points, in the nine months to 30 September. Two other notable developments in Manitex’s operations in 2009 include the acquisition of Badger Equipment and the announcement of two distribution agreements in the Middle East. It has also announced a number of high-value orders.
“The third quarter presented a variety of challenges for the organisation, but we have shown progress on a number of fronts,” said president and COO, Andrew Rooke. “We continued to build our market share in the boom truck industry, gaining nine percentage points this year.
“In the third quarter the majority of these gains were in the lower margin, lower capacity cranes that are currently in demand in this phase of the economic cycle.”
Manitex added that a significant proportion of its current backlog, which was up 46% as of 30 September compared to 31 December, 2008, is for specialty and military orders that will ship in the fourth quarter or at the start of 2010.
David Langevin, chairman and CEO, said: “With this visibility, our significant increase in market share along with the hopeful signs we are seeing in our core products and the economy, we are looking forward to a continued increase in sales and profits for 2010.”
