Backlog expected to reach $66.2 Million at December 31, 2019, led by 50% Increased Bookings at PM Group
BRIDGEVIEW, IL / ACCESSWIRE / January 27, 2020 / Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized industrial equipment, today announced a strengthening in orders in the fourth quarter that management anticipates will result in a reported backlog of $66.2 million for the period ended December 31, 2019, growing from $57.6 million as of September 30, 2019.
The recovery in the backlog was driven primarily by the company's articulated crane group, which saw an increase in orders during the fourth quarter, with particular strength from North America, Western Europe and Latin America. Management currently expects to announce a 50% increase in backlog at year end for this product group to $24.8 million, consisting of PM, Manitex Articulating Cranes ("MAC"), Tadano-PM branded articulating cranes, Oil & Steel Aerials, and Valla industrial Cranes.
"While the backlog for our straight-mast crane business decreased 5% due to lower levels of activity in certain parts of the construction markets, progress in executing our North American branding and distribution strategy for the MAC line provided significant year over year growth for our articulated crane business. We anticipate growth for the MAC line in North America to continue as we move through 2020," said Steve Kiefer, President and COO for Manitex International.
"Key organizational and operational improvements we have made within the PM Group, to enhance our focus, quality, productivity, and overall financial performance have resulted in more meaningful participation in large global growth markets that we have long-identified as key to our company's future success. The three-brand strategy we've launched for our articulated cranes, namely PM, MAC, and Tadano-PM, is showing early signs of success and we are closing in on an annualized revenue rate of over $100 million for this group," said Steve Filipov, Chief Executive Officer for Manitex International.
Manitex looks forward to participating in the upcoming CONEXPO show, being held in Las Vegas, on March 10-14, where team leaders will be showcasing new MAC-branded products, enhancements to the Manitex line of straight mast cranes, its latest industrial cranes, and the North American debut of the Valla V80R zero emissions pick-and-carry crane. Attendees are encouraged to visit Booth # F6259 for a demonstration.
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered mobile cranes (truck mounted straightmast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialized industrial equipment. Our products, which are manufactured in facilities located in the USA and Europe, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, Oil & Steel, Badger, Sabre, and Valla.
Forward-Looking Statements
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contact:
Manitex International, Inc.
Steve Filipov
Chief Executive Officer
(708) 237-2054
sfilipov@manitex.com
Darrow Associates, Inc.
Peter Seltzberg, Managing Director
Investor Relations
(516) 419-9915
pseltzberg@darrowir.com
SOURCE: Manitex International Inc.
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