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Manitex Intl (MNTX) – Comments & Business Outlook
Friday, November 9, 2012 18:32
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- Net revenues rose 44% to a record $53.4 million, compared to the prior year’s quarter of $36.9 million
- Net income of $2.5 million, or $0.21 in EPS (earning per share) increased 145% compared to the prior year’s quarter of $1.0 million and $0.09 per share.
Chairman and Chief Executive Officer, David Langevin, commented, “Our third quarter results for sales, net income and EBITDA are quarterly records for our company and in our first nine months, we’ve significantly exceeded the results of all of 2011. These results, despite serious uncertainty in the broader markets, reflect a well-focused strategy and execution commitment from each of our operating teams. During the quarter we took several more steps to position ourselves for long-term sustained performance including a 57% reduction in our long term, acquisition related, debt and the introduction of a new 15 ton crane targeted for the refining, steel and certain industrial niches. As we go forward, we will continue to focus on expanding our sales, cost reduction, quality control, and introducing new products which serve our customers’ needs.”
Outlook
Mr. Langevin continued, “We expect sales for the year 2012 to be slightly greater than $200 million, which would represent 40% growth over last year, with EPS and EBITDA growing by approximately 175 % and 65% respectively for the year. These increases, particularly, when considering that our macro-economic environment remains cautious, would represent clear execution of our long-term operating and strategic objectives, and gives us confidence for continued growth moving forward into 2013.
2012-11-09 18:21:10
Source: http://geoinvesting.com/companies/mntx_manitex_intl/research/comments_business_outlook/0040546
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