USA-based manufacturer Manitex International reported its strongest every third quarter results, with a 44% increase in net revenues to achieve US$ 53.4 million, compared to $ 36.9 million in Q3, 2011.
Manitex saw net income jump by 145% to $ 2.5 million, up from $ 1 million in 2011. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also saw record growth, up 70% to $ 5.3 million.
At 30 September 2012, the company held a consolidated backlog of $ 125.8, a 50% year to date increase, and 99% higher than the comparable quarter’s backlog a year ago.
“Our third quarter results for sales, net income and EBITDA are quarterly records for our company and in our first nine months, we’ve significantly exceeded the results of all of 2011. During the quarter we took steps to position ourselves for long-term sustained performance including a 57% reduction in our long term, acquisition related, debt and the introduction of a new 15 ton crane targeted for the refining, steel and certain industrial niches. As we go forward, we will continue to focus on expanding our sales, cost reduction, quality control, and introducing new products which serve our customers’ needs,” said David Langevin, Manitex International chairman and CEO.
Looking ahead, Langevin said he expects sales for 2012 to be slightly greater than $ 200 million, which would represent 40% growth over last year, with EBITDA growing by approximately 65% for the year.