Manitex awarded additional $3 million military contract
By Hannah Sundermeyer22 September 2022
Manitex has received a continuation order valued at up to US$3 million, for articulated cranes, from an international military agency.
The order represents follow-on business to an established international military customer, meeting rigid specifications and with lifting capacity to 42 US tons.
“Earlier this year, Manitex successfully completed the final delivery of articulated cranes to this customer, and we are pleased to announce the addendum to the original order and our customer’s vote of confidence in our product solutions,” said Michael Coffey, CEO, Manitex. “The Manitex articulated lift solutions will be assembled and shipped from our Georgetown, Texas, facility with internal supply from Manitex global operations in Italy and Romania. Delivery is scheduled to occur sequentially during the next year.”
With a reported a backlog of $214 million as of June 30, 2022 and subject to market conditions and the supply chain, management anticipates that net sales, gross margins, Adjusted EBITDA, and adjusted net income for the full year 2022 will all compare favorably to 2021, and that continued growth is expected into 2023, the company said.