Manitex International sees second quarter growth
20 August 2021
Net sales for the second quarter were $60.0 million, compared to $37.1 million in the prior year’s second quarter.
Manitex International, a global provider of cranes and specialized industrial equipment, released second quarter 2021 results.
Net sales for the second quarter were $60.0 million, compared to $37.1 million in the prior year’s second quarter, and net income from continuing operations was $5.4 million or $0.27 in earnings per share, compared to net loss from continuing operations of $(2.4 million) or $(0.12) pershare, in the second quarter of 2020.
“The dedication and execution of our entire team at Manitex in refocusing our business on global growth markets andachieving a higher level of financial performance has continued to drive our results at Manitex,” said Steve Filipov, CEO of Manitex International. “In the second quarter, we reported higher revenues, improving gross margins, and improved EBITDA both in terms of dollars and percentage. And, at over $2 million for the quarter, our adjusted net income from continuing operations is on pace to reach higher annualized levels than we’ve seen in recent years. We continue to gain share on knuckle booms and aerials in certain European markets such as Italy, France, Spain, and the UK, and our straight mast boom truck business is tracking to an industry-wide recovery from 2020, where we remain a market leader.
Filipov said the company is seeing more confidence from distributors and partners in their order patterns and legislative progress towards an infrastructure spending program in the United States suggests increased construction activity.