Manitex International, Inc., a leading international provider of cranes and specialized industrial equipment, has 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.
"Our strategy to focus on growth markets and streamline our businesses has resulted in a much stronger global organization," said Steve Filipov, Chief Executive at Manitex International. "We took decisive actions in the past 12 months to enable more meaningful participation in the growing global articulating crane market and reinforce our market leadership position in straight mast cranes. While COVID-19 still presents risk to our business in 2021, our growing backlog is indicative that we can expect a good year of growth this year with higher revenues. Going forward, higher volume and favorable product mix should also contribute to margin improvement and cash flow generation consistent with our long-term targets."
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