Equipment manufacturers Nacco Industries Inc's materials handling group (NMHG) and Manitex International Inc have reported major gains for the third quarter ended 30 September.

NMHG reports profit of USD17.5 million on sales of USD628.8 million compared with profit of USD3.8 million on sales of USD442.9 million last year.

Hyster- and Yale-brand shipments increased to 19,600 units from 15,400. NMHG benefited from favourable foreign currency movements and the effect of unit price increases that it implemented in late 2010 and early 2011, primarily for markets in the Americas and Europe.

NMHG says it anticipates suppliers seeking cost increases for materials, particularly steel, in the fourth quarter of 2011 and during 2012. NMHG believes its current and proposed price increases should offset a significant portion of the possible higher material costs.

On the product side, NMHG plans to launch two final models in its electric-rider lift truck program during the first half of 2012. An earlier introduction occurred in June, and another is anticipated soon.

For the remainder of 2011 and into 2012, NMHG projects moderation of growth in global lift truck markets.

NMHG recognises the competitive global environment and notes the existence of excess capacity in the market. NMHG acknowledges its total volume remains below what the operation had in 2007 and 2008.

The board of parent company Nacco Industries of Cleveland, Ohio authorised repurchase of up to USD50 million of outstanding Class A common stock. Management of the holding company will determine the timing of any repurchased. The authorisation expires on 31 December 2012.

Meanwhile, Manitex says sales climbed 49% and profits 54% in the quarter versus comparable 2010 results. The company reports quarterly profit of USD1.0 million on sales of USD36.9 million - including USD7 million from its new CVS Ferrari srl subsidiary ― versus profit of USD657,000 on sales of USD USD24.9 million in the 2010 reporting period.

The subsidiary acquired certain CVS SpA assets and assumed certain liabilities through a Concordato Preventivo proceeding in a Piacenza, Italy court for USD4.9 million in July. The Manitex subsidiary also began using assets of the reach-stacker and container handling equipment operation in Rovoleti di Cadeo, Italy near Milan under a rental agreement.

"Solid execution of our strategy to focus on providing specialised products to niche markets continues to yield strong results," says David Langevin, Manitex chairman and chief executive officer. "In a climate of marginal, if any, global economic expansion, we continue to consistently grow our backlog and have healthy increases."

Langevin adds: "With the momentum of our current business, we expect the fourth quarter revenues to be consistent with the third quarter. Our order rate should provide us with a strong start to 2012 and leave us with 2011 total sales results which slightly exceed our previous guidance of USD140 million. This would represent annual sales equivalent to an increase approaching 50% from 2010."

Bridgeview, Illinois-based publicly traded Manitex manufactures and markets boom trucks and sign cranes, distributes cranes including Terex truck and rough-terrain cranes, Fuchs material handlers and the Manitex product line through its crane and machinery division and, through its Liftking subsidiary, supplies Noble straight-mast rough-terrain forklifts, Lowry high-capacity cushion-tyred forklifts and Schaeff electric indoor forklifts.