Manitex International Announces $150 Million Backlog
Manitex International Inc., Bridgeview, Ill., announced a consolidated order backlog of $149.6 million as of June 30, 2012. This is an increase of 78.7 percent from December 31, 2011, a 195 percent year-over-year increase, represents the ninth successive quarterly increase.
Sustained demand for Manitex boom truck cranes, particularly in the North American energy markets, continues to lead the backlog increase, and the company has also seen strengthening demand for several of its other specialized product lines. As previously announced and demonstrated in the first quarter results, in response to the underlying strength in orders and other positive fundamentals, management initiated an output expansion program at Manitex beginning in late 2011, which calls for incremental increases expected throughout 2012, and consequently, higher sales each quarter.
David Langevin, chairman and CEO for Manitex International said: "While Manitex boom trucks represent the major part of this backlog, we have seen a pickup in orders in other parts of our portfolio as well. In particular, Manitex Liftking and CVS Ferrari have each received some high value international orders for specialized units while Load King is also benefiting from the high levels of demand from the energy sector. We remain focused on achieving higher production particularly of Manitex cranes to ensure that our product deliveries keep up with the pace of customer demand as we look to achieve steady improvements in our quarterly results throughout the year."