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Manitex sales jump in Q2, CEO reports backlog of $111 million in orders
August 9, 2021 By Crane & Hoist Canada Staff
Manitex International, a provider of cranes and specialized industrial equipment, saw its sales increase to $60 million (all figures U.S.) in the second quarter of 2021.
That’s up 27 per cent from Q2 2020 when sales hit $37.1 million. Net income for 2021 Q2 was $5.4 million, or 27 cents per share. That’s up from a loss of $2.4 million (or 12 cents per share) in Q2 2020.
Adjusted net income from continuing operations in the second quarter of 2021 was $2.2 million, or $0.11 per share, compared to adjusted net loss of $(1.7 million), or $(0.08) per share, for the second quarter of 2020.
“The dedication and execution of our entire team at Manitex in refocusing our business on global growth markets and achieving a higher level of financial performance has continued to drive our results at Manitex,” said Steve Filipov, CEO of Manitex International.
“In the second quarter, we reported higher revenues, improving gross margins, and improved EBITDA both in terms of dollars and percentage. And, at over $2 million for the quarter, our adjusted net income from continuing operations is on pace to reach higher annualized levels than we’ve seen in recent years. We continue to gain share on knuckle booms and aerials in certain European markets such as Italy, France, Spain, and the UK, and our straight mast boom truck business is tracking to an industry-wide recovery from 2020, where we remain a market leader.”
Filipov also pointed out the company as a $111 million backlog – which ” reflects a healthy recovery in demand in many of the markets we serve.”
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