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BRIDGEVIEW, Ill., April 18, 2017 -- Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and compact track loaders, today announced continued strength in orders for its crane divisions, and anticipates announcing reported backlog of $60.5 million for the period ended March 31, 2017, growing from $38.1 million as of December 31, 2016.
Order activity in 1Q’17 was particularly strong in the North American Lifting Segment and was driven, in part, by market share gains and new products, such as the 2085T and TC450, which were on display at the 2017 Conexpo show in Las Vegas, Nevada. The company’s book-to-bill ratio was 1.3 during 1Q’17, with build rates for the company’s North American factories scheduled to increase in the second quarter, supporting management’s plan for expansion and higher levels of financial performance in 2017.
“We continue to see order strength across our crane product groups,” said Steve Kiefer, EVP of Sales and Marketing for Manitex International. “We are excited to see increasing orders for our PM and new Manitex products serving the construction industry, as well as a modest increase in order activity for larger-tonnage Manitex products serving the energy sector.”
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom trucks, cranes, and other related 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, 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.
Contact: Manitex International, Inc. David Langevin Chairman and Chief Executive Officer (708) 237-2060 [email protected] Darrow Associates, Inc. Peter Seltzberg, Managing Director Investor Relations (516) 419-9915 [email protected]
