Manitex International, Inc. (MNTX - Free Report) declared Fallsway Equipment as a dealer of its Manitex-PM knuckleboom cranes and Manitex Trolley Boom Unloaders. Fallsway Equipment is expected to deliver the products in the states of Ohio, Pennsylvania and West Virginia.
Fallsway Equipment is a leading service-oriented distributor of forklifts in Canton, Akron, Youngstown, Mansfield, and Marion, Ohio. Its service department offers a broad range of assembly, repair, painting and up fitting services. The company intends to exhibit the Manitex Trolley Boom brand and PM Knuckleboom at the February 2018 pre-cast show in Denver, which in turn might boost Manitex’s order growth.
In October 2017, Western Pacific Crane & Equipment — a crane and heavy equipment distributor to the Western Pacific region — has also agreed to become a dealer for Manitex-PM knuckleboom cranes, driven by its impressive reputation and customer relationships.
In fact, Manitex has been witnessing recovery of the order book from the end of 2016. In the preliminary results for the third quarter 2017, the company declared that its revenues improved to over $53 million and backlog grew to $50.3 million.
Going forward, this provider of engineered lifting and loading products projects an improvement in gross margin. Recovery in industrial equipment market, growth in orders and distribution agreements and continuous focus on deleveraging the balance sheet remain the major growth drivers for Manitex in the fourth quarter of 2017 and 2018.
In the past year, Manitex has outperformed the industry it belongs to. The company’s shares have gained around 41.8% compared with 24% growth recorded by the industry.
Zacks Rank & Key Picks
Manitex carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the same industry are Parker-Hannifin Corporation (PH - Free Report) , Chart Industries, Inc. (GTLS - Free Report) and IDEX Corporation (IEX - Free Report) . While Parker-Hannifin flaunts a Zacks Rank of 1 (Strong Buy), Chart Industries and IDEX Corporation carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Parker-Hannifin has a long-term earnings growth rate of 11.6%. Its shares have been up 30.3% year to date.
Chart Industries has a long-term earnings growth rate of 20%. So far this year, its shares have rallied 26.6%.
IDEX Corporation has a long-term earnings growth rate of 13%. Its shares have gained 42.2% year to date.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>