BRIDGEVIEW, IL--(Marketwired - Dec 21, 2016) - Manitex International, Inc. (NASDAQ: MNTX), a leading international provider of cranes and container handling equipment, today provided an update regarding trends in business activity in the second half of 2016 that suggest an improved outlook for 2017.
As previously reported quote volume had improved during the third quarter 2016 and that the 8-week rolling quote activity was approximately 70% ahead from the same period in 2015. As we approach year end, we now note that the backlog for straight mast cranes in the fourth quarter to date has doubled since the third quarter and management anticipates ending the fourth quarter with a book to bill ratio for straight mast cranes exceeding 1.0.
VP of Sales, Steve Keifer commented, "As was noted in our third quarter earnings call, we have seen improvements in certain of our markets that have resulted in higher quoting activity and increased bookings for our boom trucks in the second half of this year at Manitex. We are particularly encouraged to see growth in orders from dealers who are replenishing decreased inventory levels as they respond to improving market activity."
David J. Langevin, Chairman and CEO, commented, "The downturn we've weathered has given us an opportunity to focus on optimizing our business portfolio and make us a stronger competitor, with opportunities to expand our margins, improve our balance sheet, and accelerate our path to sustainable shareholder value creation. We are cautiously optimistic about the trend of increased opportunities in the marketplace that have the potential to drive improved financial results as we head into 2017."
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom trucks, cranes, container handling equipment and reach stackers, and other related equipment. Our products, which are manufactured in facilities located in the USA and Italy, 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, CVS Ferrari, PM, Badger, Sabre, and Valla. ASV, our Joint Venture with Terex Corporation, manufactures and sells a line of high quality compact track and skid steer loaders.
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