BRIDGEVIEW – Manitex International reported second quarter 2016 revenues were down 4.2 percent as the manufacturer of cranes and specialized container handling equipment struggled with a soft market.
Net revenues for the quarter were $96.3 million, compared to $100.5 million for the same period last year. Gross margin for the period was 17.5 percent, compared to 18.8 percent last year.
However, the company said it is in the midst of a restructuring that has led to $2.9 million in cost reductions, which dampened the impact of the decrease in demand.
“As anticipated, the second quarter financial performance reflects continued softness in our markets although it also reflects well on our organization’s focus on controlling what we can control and on the execution of our strategic objectives for the year,” said Chairman and Chief Executive Officer David Langevin. “During the second quarter, much as we did in the first quarter, we achieved solid gross margins considering the reduced level of demand in our markets. And, while we made good progress during the quarter in reducing our debt and working capital levels we expect to accelerate our debt reduction throughout the end of this year.
“We operate in cyclical businesses and while the timing of the recovery is impossible to predict we remain confident that the measures we continue to take to rationalize production, lower our costs, strengthen our balance sheet, and add to our leadership position in our served markets, will provide our shareholders an excellent foundation for future growth,” Langevin added.
