Manitex International, Inc. (NASDAQ:MNTX) recently received a new order to deliver 29 cranes to CraneWorks. Over the course of 2018, CraneWorks is expected to add around $12 million in Manitex cranes to its North American inventory.
The deal was settled at International Construction and Utility Equipment Exposition (ICUEE). ICUEE, also known as The Demo Expo, features practical demonstration of construction and utility equipment. The recent exhibition was held at Kentucky Exposition Center at Louisville, KY, from Oct 3-5.
Based in Houston, TX, CraneWorks is a distributor of Manitex products. This new purchase will add more than 1,200 tons of lifting capacity to the CraneWorks sales fleet.
Manitex International, Inc. Price
Manitex International, Inc. Price | Manitex International, Inc. Quote
Driven by Manitex’s impressive reputation and customer relationships, Western Pacific Crane & Equipment, a crane and heavy equipment distributor to the Western Pacific region, has agreed to become a dealer for Manitex-PM knuckleboom cranes. This will also boost Manitex’s order growth.
Manitex has been witnessing recovery of the order book from the end of 2016. The increased order rate has enabled the company to achieve much improved results in second-quarter 2017. The company anticipates that the third quarter will display further improvement in results on the back of improved order rate.
Further, Manitex’s backlog as of Jun 30, 2017, which is defined as purchase orders that have been received by the company, jumped around 52.1% from December 31, 2016. In addition, the company is taking initiatives for future growth by implementing cost reductions and reducing debt levels.
Shares of Manitex outperformed the industry over the past six months. Its shares have gained 34.3%, while the industry logged in a return of around 14% during the same period.
Manitex currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the same space include Altra Industrial Motion Corp. (NASDAQ:AIMC) , Applied Industrial Technologies, Inc. (NYSE:AIT) and Barnes Group Inc. (NYSE:B) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Altra Industrial Motion has an expected long-term earnings growth rate of 8%.
Applied Industrial Technologies has an expected long-term earnings growth rate of 12%.
Barnes Group has an expected long-term earnings growth rate of 9%.
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Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report
Manitex International, Inc. (MNTX): Free Stock Analysis Report
Barnes Group, Inc. (B): Free Stock Analysis Report
Altra Industrial Motion Corp. (AIMC): Free Stock Analysis Report
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