Manitex International Inc reports sales rose 41.6%, profits were up more than 124% and backlog jumped 195.1% for the quarter ended 30 June versus the 2011 comparable period.

David Langevin, chairman and chief executive officer, says, "Our second quarter financial performance exceeded our expectations and delivered record quarterly sales and earnings per share."

The sales of USD52.5 million compared to the prior year's quarter of USD37.1 million. Profit of USD2.3 million compared to the prior year's quarter of USD1.0 million. And backlog reached USD149.6 million.

"A strong order book coupled with manufacturing and supply chain efficiencies and expansion" delivered results ahead of plan, observes Andrew Rooke, president and chief operating officer. "This was combined with good cost control in manufacturing to slightly improve our gross margin percentage to 20.5%."

Langevin says Manitex's investment in new product development over several years led in the successful launch of new products, particularly at the Manitex boom truck operations through which Manitex has gained on its market presence in the energy sector.

"Given the signs of uncertainty and slowing growth in the global economy, we maintain a cautiously optimistic view, and notwithstanding these conditions, we expect modest growth in the third quarter over the second," Langevin says.

Bridgeview-based Manitex sells cranes, reach stackers and associated container handling equipment, rough-terrain forklifts, indoor electric forklifts and special mission-oriented vehicles.

On 1 July 2011, Manitex subsidiary CVS Ferrari srl completed closing procedures with an Italian court's concordato preventive proceeding to obtain certain assets of CVS SpA in Rovoleti di Cadeo, Italy near Milan.