Record revenue for Manitex
By Sarah Ann McCay12 August 2013
Crane manufacturer Manitex International posted record net sales of US$ 62.6 million and record net income of US$ 2.7 million for the second quarter of 2013.
The USA-based firm posted a 19.2 % increase in net revenue, up from $ 52.5 million in the second quarter 2012, and up 5 % on Q1, 2013 figures, where revenue was $59.6 million. Net income was up 15 % to $2.7 million, compared with $2.3 million for the same period in 2012.
The quarter also saw Manitex complete the acquisition of Sabre Manufacturing, an Indiana-based manufacturer of specialized trailer tanks for liquid and solid storage, and containment solutions. The purchase price was $14 million.
David Langevin, chairman and CEO, commented, "The record sales and profits we recorded in the second quarter results demonstrates continued execution of our niche product strategy.
“The primary driver of our growth remains our crane business. And as we recently reported, we believe that our new 70 ton crane product will have a significant impact for us in the future. Along with the potential benefit from the acquisition of Sabre, we should turn in good results for the year and put us on sound footing going into 2014."
Langevin forecasts another record year for revenue, EBITDA and earnings per share. “We also continue to pursue further growth of our revenue base as well as an increase in our profitability through development of new products and opportunistic acquisitions," he concluded.