US crane manufacturer Manitex International posted third quarter 2010 revenues at US$ 24.9 million, a 65% year-over-year increase on the $15.1 million in the third quarter of 2009. It was also up by 27% ($5.4 million) over the second quarter of 2010.
Excluding the impact of acquisitions and the Italian CVS Ferrari business, net revenue increased 39% from the same period the year before. Gross profit of $5.9 million, or 23.6% of sales was an improvement of $3.6 million compared to $2.2 million, or 14.7% in the third quarter of 2009. Net income for the third quarter of 2010 was $0.7 million or $0.06 per share compared to a net loss of ($0.1) million or ($0.01) per share for the third quarter of 2009.
Order backlog at 30 September 2010 was $32.8 million, an increase of 49% and 32% from 31 December 2009 and 30 June 2010, respectively.
"We continue to show improved results in each of our key operating and financial metrics and we're especially pleased to be reporting our third consecutive quarterly profit in the third quarter. The increase in our profitability for the current quarter is the result of a number of positive factors, including continued growth in non-domestic sales, favourable product mix, and continued cost diligence in various areas across the enterprise," said David Langevin, Manitex chairman and chief executive officer.
"Our goals and strategic direction going forward emphasize the development of specialized niche products in markets in which we see potential for growth. Despite a still-challenged US economy, we remain optimistic about the longer-term possibilities of economic expansion here in the US markets, and we are well-positioned to take advantage of numerous growth opportunities in our targeted markets, both in the US and internationally heading into 2011. Of particular note is the excellent progress of our strategy to pursue diversification into international markets. Third quarter sales to non-US customers accounted for approximately 35% of total revenues compared to virtually none just two years ago. Even under difficult economic conditions, we have thus been able to successfully identify and enter new markets to increase our sales and profits," Langevin continued.
Andrew Rooke, Manitex International president and chief operating officer commented, "Third quarter results were strong on all fronts. Our consistent and successful pursuit of opportunities to add strong niche brands to our product portfolio, maintain our commitment to product innovation and development and expand our international presence have been key to our strong operational performance, highlighted by our gross margin of 23.6%, a 9.1% EBITDA margin, and acceleration in our earnings per share in the quarter."