Cranes and specialised industrial equipment manufacturer Manitex International has reported net sales revenue of $47.2m for the first quarter of 2021, down $1.5m year-on-year. However the sales increased compared to the fourth quarter of 2020, when they totalled $45.2m. Gross profit in Q1 was $8.8m, or 18.7% of sales. The company said this figure was in-line with the $8.4m gross profit, or 18.7% of sales, generated in the fourth quarter of 2020. Adjusted Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 24% to $1.9m. The $107m backlog recorded as of April 30, 2021 was at a five-year high. Steve Filipov, CEO of Manitex International said: "Our first quarter results were in-line with our expectations and reflect increased net sales and adjusted EBITDA. Our backlog has grown consistently over the past several quarters, evidence of a healthy recovery in demand in many of the markets that our products are uniquely suited for, and has surpassed $100m, giving us confidence that we will achieve a year of growth in 2021.