Manitex International, Inc. Announces Continued Order Growth Into 2021
Backlog Has Surpassed $80 Million, led by New Bookings at PM Group
BRIDGEVIEW, IL / ACCESSWIRE / February 11, 2021 / Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized industrial equipment, today announced continued recovery in orders. Management currently anticipates a reported backlog of $68.0 million for the period ended December 31, 2020, representing 34.7% growth from $50.5 million as of September 30, 2020. The company's consolidated backlog of approximately $82.0 million, as of January 31, 2021 is at its highest level in over three years.
This recovery in the backlog has been driven primarily by the company's articulated crane and aerials products at PM Group, which has experienced a consistent increase in orders since COVID-19 related shutdowns in the first half of 2020. As of January 31, 2021, PM's backlog of $46.0 million represents growth of 100% since Q2 2019, and now represents 66% of Manitex International's consolidated backlog. In addition, strong bookings from Manitex straight-mast crane products contributed to a 23% growth in its backlog in January alone, and Valla, the company's electric crane group, has also seen a steady uptick in orders and its backlog and is currently at its highest level since being acquired by Manitex.