Truck and knuckle boom manufacturer Manitex International has announced third-quarter net revenue growth of 44.5% year-on-year to $56.5m in the third quarter of 2017.
Over this period, the company reported a net loss of $6.4m, down from $17.2m in the first three quarters of 2016.
David Langevin, chairman and chief executive officer of Manitex International, said: “The numbers reflect an accelerating recovery in our markets that we first noted in early 2017.While we believe our financial results reflect just the beginning of our turnaround, with good top-line growth, higher operating income, and a growing backlog, we expect to see a meaningful contribution of profits, cash flows, and returns for our shareholders in 2018 and beyond.”
Steve Kiefer, president and chief operating officer of Manitex International, said: “The backlog has steadily grown throughout the back half of 2017 and into 2018, and we’re excited about the opportunity to reap the benefits as a market leader in a recovering market, which in our view, is still in a very early stage of growth. Continued strengthening of the straight-mast crane market has led the way, with industry orders in the fourth quarter of 2017 increasing 70.6% versus the fourth quarter of 2016.”
Manitex reports that an investigation, previously announced, by the Company’s Audit Committee has been substantially completed. Separately, the Company has received an informal inquiry from the SEC requesting certain information in connection with the Company’s previously announced restatement of prior financial statements, and is complying with that request.