Bridgeview, Ill.-based Manitex International last week announced second-quarter 2011 revenues of $37.1 million representing a 90-percent year-over-year increase from $19.5 million in the second quarter of 2010 and a sequential increase of $5.3 million or 17 percent from the first quarter of 2011. Net income for the second quarter of 2011 was $1.0 million or $0.09 per share compared to $0.2 million or $0.02 per share for the second quarter of 2010.
EBITDA for the second quarter of 2011 increased 76 percent to $3.0 million, or 8.2 percent of sales compared to $1.7 million or 8.9 percent for the second quarter of 2010.
Gross profit of $7.5 million was an improvement of $2.9 million compared to $4.6 million in the second quarter of 2010. Gross margin of 20.2 percent of sales compared to 23.6 percent for the second quarter of 2010 and 20.4 percent for the first quarter of 2011.
“We continued to show progress as demonstrated throughout our second-quarter results,” said David Langevin, chairman and CEO. “New bookings across our business units resulted in healthy backlog growth, and strong year-over-year increases in sales, EBITDA, and earnings per share. Other equally important measures of our success in the quarter included the finalization of the CVS Ferrari acquisition, and the expansion and extension of our credit facility, which we believe will be key strategic drivers of our future growth. We’re excited about the progress we continue to make and we believe we are well-positioned for a strong second half.”
Second-quarter net revenues included approximately $8 million of sales from the Italian CVS Ferrari operations. Excluding the impact of new operations, organic revenue growth was 39 percent. Revenue increases were obtained in both operating segments, with Lifting Equipment increasing 81 percent and Equipment Distribution increasing 254 percent. Within the lifting equipment segment, boom truck crane sales increased approximately 80 percent and continue to reflect strong demand for larger tonnage product from the specialty energy and utility markets, in both the U.S. and internationally.
“With our current backlog of approximately $51 million combined with normalized parts sales for the rest of the year, and assuming no dramatic changes in the overall economic environment and that we receive material and components on a timely basis, we would expect sales for 2011 to be approximately $140 million, equivalent to an increase of 46 percent from 2010,” Langevin said.
Manitex International is a leading provider of engineered lifting solutions including cranes, rough-terrain forklifts, indoor electric forklifts and special-mission-oriented vehicles, including parts support.
