Sales of Manitex straight mast and industrial cranes were down year-on-year by approximately $0.9m but with sales skewed to lower capacity units. PM knuckle boom crane sales were flat overall, with growth in North America, Italy and Western Europe offset by lower sales in South America and the Middle East.
Chairman and chief executive officer, David Langevin said, “Our PM knuckle boom crane product continues as our highest margin product with sales growth in Europe and North America offset by weakness in Latin America and the rest of the world. The straight mast market continues to run at historically low levels with a further shift in market demand to lower tonnage cranes. However, even with these headwinds we are seeing our market share for these type of products expand.
"We operate in cyclical businesses and while the timing of the recovery is impossible to predict we remain confident that the measures we continue to take to rationalize production, lower our costs, strengthen our balance sheet, and add to our leadership position in our served markets, will provide our shareholders an excellent foundation for future growth."
