Manitex International, a leading provider of lifting products including boom truck and rough terrain cranes, rough terrain forklifts, special mission-oriented vehicles, container-handling equipment and specialized engineered trailers this week posted $142.3 million in 2011 net revenues, compared to $95.9 million in 2010, a 48.4-percent increase. For the fourth quarter, net revenues were $36.6 million compared to $29.5 million in the fourth quarter of 2010, a 24-percent jump.
Consolidated backlog on Dec. 31 rose 110 percent for the year and 33 percent in the fourth quarter to $83.7 million.
Growing demand for Manitex boom truck products, particularly from the energy and power line construction sectors, was responsible for about 50 percent of the increase.
“We made exceptional progress in 2011, with record financial performance from top to bottom, and believe we are well positioned for continued growth throughout 2012,” said David Langevin, Manitex chairman and CEO. “Robust demand for our energy-based products was the primary driver of our growth during the year, and the continued growth in our backlog indicates that 2012 will be another year of healthy expansion. We are working hard to secure supply, increase our production, and ship product to keep up with the pace of our backlog, which is principally at our Manitex cranes division, although we are seeing contributions from each of our other product lines as well, though at more moderate levels. We are getting excellent cooperation from our supplier base and we expect consistent and steady growth from each quarter of the current year as our suppliers step up to meet our product demands. The energy markets we serve with our equipment appear to be in a strong growth environment and the overall economic trend appears now to also be improving, all of which bodes well for our group over the next several years.”
Manitex is based in Bridgeview, Ill.
