News story

Manitex, Linamar report higher sales

Wednesday, 14 May 2014 ( #667 ) - Bridgeview, IL, United States and Guelph, ON, Canada
A compact Manitex forklift for shipboard use
A compact Manitex forklift for shipboard use
For sales during the first quarter ended 31 March, Manitex International Inc has reported a 5.1% increase while Linamar Corp logged a 23.2% boost.

Manitex

Manitex says it has received a second five-year US Navy contract for specialised materials handling units to be assembled at the facility of its Manitex Liftking ULC subsidiary in Woodbridge, Ontario.

The new Navy contract for specialised rough-terrain forklifts has an initial value of USD25.9 million and options for up to a total of USD38.9 million.

Manitex expects to begin deliveries of the forklifts during 2015.

The forklifts with three lifting capacities are destined for shipboard use and need to meet a variety of military specifications.

The lifting capacities are 4,000, 6,000 and 10,000 lb. (1800, 2700 and 4500 kg).

In its financial filing, Manitex says profit was flat at USD1.9 million, while sales climbed to USD62.6 million from USD59.6 million in the comparable 2013 quarter.

Consolidated backlog at 31 March increased 29.4% to USD100.0 million from USD77.3 million at 31 December prior to accounting for the new forklift contract from a naval supply systems unit.

"Our recent announcement of an additional military order at our Liftking subsidiary gives us visibility for this group through 2015," says David Langevin, chairman and CEO.

Linamar

Skyjack parent company Linamar Corp reports a 23.2% increase in sales to CAD 1.04 billion (USD940 million) and 64.7% jump in profit to CAD79.7 million (USD72.0 million) for the first quarter ended 31 March.

Sales for Linamar's industrial segment increased 31.2% to CAD180.4 million (USD163.1 million) due to "increases in demand in the access equipment markets in both North America and Europe; increased market share particularly in boom and telehandler products at Skyjack; and the favourable impact of the strengthening US dollar", the company reports.

"We continue to build our launch book now north of CAD3 billion (USD2.75 billion) in annual sales," says Linamar CEO Linda Hasenfratz.

The Skyjack division of Guelph-based Linamar manufactures mobile industrial equipment including aerial work platforms and telehandlers for use in the construction and access markets.
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