Manitex Sees Third-Quarter Drop in Share Values

November 16, 2015 - Manitex International Inc. attributes a share value loss of 11% since third-quarter 2015 results results were reported to persistent weakness in the boom-truck sector. Earnings dropped to 1 cent per share from 13 cents in the third quarter of 2014.

 

Revenues actually improved 46% to $96.7 million from $66.2 million a year ago. Sales impacts include the $49.7 million of revenues in the acquisition of PM Group and joint venture ASV. According to reports, without these two acquisitions, a $19.4 million or 29.3% drop in total revenue would have been recorded. A stronger U.S. dollar also hurt revenues by $7.9 million compared with the third quarter of 2014, reports the company.

 

Manitex remains optimistic and prepared for a change in the cycle and product demand, according to its financials report. Integration and execution of new acquisitions, along with the strengthening of its balance sheet, continue to be the focus.