Manitex CEO Steve Filipov said the boom truck business is tracking to an industry-wide recovery. He said Manitex is gaining share on knuckle booms and aerials in Italy, France, Spain and the UK.
Manitex International posted net sales of $60 million in the second quarter, compared to 37.1 million in the second quarter of 2020. 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) per share, in the second quarter of 2020. The adjusted net income from continuing operations in the second quarter of 2021 was $2.2 million compared to an adjusted net loss of $1.7 million for the second quarter of 2020.
Manitex reported that net sales increased 27 per cent to $60 million compared to $47.2 million in the first quarter of 2021. Gross profit rose $2.6 million to $11.4 million, or 19.1 per cent of sales compared to $8.8 million gross profit, or 18.7 per cent of sales in the first quarter of 2021. Adjusted EBITDA* increased 121 per cent to $4.2 million, or 7.1 per cent of sales, from $1.9 million, or 3.9 per cent of sales in the first quarter of 2021.
Backlog increased 64 per cent to $111.2 million as of June 30, 2021, compared to $68.0 million on December 31, 2020. The company saw growth across its entire portfolio. The company reported available liquidity through cash and credit lines of approximately $37 million as of June 30, 2021
“The dedication and execution of our entire team at Manitex in refocusing our business on global growth markets and achieving a higher level of financial performance has continued to drive our results at Manitex,” said Manitex International CEO Steve Filipov. “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.”
He said the company continues to gain a share on knuckle booms and aerials in certain European markets such as Italy, France, Spain and the UK.
“Our straight mast boom truck business is tracking to an industry-wide recovery from 2020, where we remain a market leader,” he said. “We are seeing more confidence from our distributors and partners in their order patterns. There are tenders that we continue to work on around the globe, and legislative progress towards an infrastructure spending program in the United States suggests increased construction activity. Our products are all very well-suited to handle much of the work that will be done through new funding initiatives, and we’re excited about the opportunities ahead.”
He said the backlog reflects a healthy recovery.
“Our balance sheet, with net debt of $25 million, is in good shape, and our cash and availability of approximately $37 million also positions us well to achieve our sales and margin objectives in this recovery,” Filipov said. “While the supply chain continues to pose challenges to the industry for product availability and pricing, we expect a strong finish to the year.”