Manitex Sees 2Q Revenues Decrease Amid Restructuring

August 9, 2016 - Manitex International’s second quarter 2016 revenues were down 4.2%, the result of a soft market, but the company reports it is restructuring and sees cost reductions offsetting a decrease in demand. According to a Chicago Daily Herald report, net revenues for the quarter were $96.3 million, compared to $100.5 million for the same period last year. Gross margin for the period was 17.5%, compared to 18.8% last year.

 

“As anticipated, the second quarter financial performance reflects continued softness in our markets, although it also reflects well on our organization's focus on controlling what we can control and on the execution of our strategic objectives for the year,” said David Langevin, chairman and CEO. “During the second quarter, much as we did in the first quarter, we achieved solid gross margins considering the reduced level of demand in our markets. And, while we made good progress during the quarter in reducing our debt and working capital levels we expect to accelerate our debt reduction throughout the end of this year.

 

“We operate in cyclical businesses, and while the timing of the recovery is impossible to predict we remain confident that the measures we continue to take to rationalize production, lower our costs, strengthen our balance sheet, and add to our leadership position in our served markets, will provide our shareholders an excellent foundation for future growth,” Langevin added.