Manitex (MNTX) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 37.50%. A quarter ago, it was expected that this maker of forklifts, cranes and other lifting vehicles would post earnings of $0.05 per share when it actually produced earnings of $0.17, delivering a surprise of 240%. Over ...

Financial Performance - Net revenue for Q2 2024 was $76.2 million, an increase of 3.7% compared to $73.5 million in Q2 2023[2]. - Gross profit reached $17.2 million, up 14.9%, with a gross margin of 22.5%, reflecting an increase of 220 basis points year-over-year[2][5]. - Adjusted EBITDA for Q2 2024 was $8.1 million, representing a 19.0% increase from $6.8 million in Q2 2023, with an adjusted EBITDA margin of 10.6%[2][6]. - Net income for Q2 2024 was $1.5 million, compared to $0.4 million in Q2 2023, translating to $0.07 per diluted share[6]. - Operating income for the three months ended June 30, 2024, was $5,107, compared to $3,332 for the same period in 2023, reflecting a significant improvement in operational efficiency[15]. - Adjusted net income attributable to shareholders for the three months ended June 30, 2024, was $2,203, compared to $1,711 for the same period in 2023, reflecting strong operational performance[18]. - Diluted earnings per share for the three months ended June 30, 2024, were $0.07, up from $0.02 in the same period last year, demonstrating enhanced shareholder value[15][18]. Revenue Segments - The Lifting Equipment Segment revenue was $67.9 million, a 2.4% increase year-over-year, while the Rental Equipment Segment revenue grew by 15.0% to $8.4 million[4]. - Net revenues for the three months ended June 30, 2024, were $76,235, an increase of 3.7% compared to $73,534 for the same period in 2023[15]. Backlog and Guidance - Total backlog as of June 30, 2024, was $116 million, down from $170 million at the end of Q4 2023[6]. - The company's backlog from continuing operations as of June 30, 2024, was $115,811, a decrease of 24.9% from $154,182 as of March 31, 2024[17]. - Full-year 2024 revenue guidance has been lowered to a range of $290 million to $300 million, while adjusted EBITDA guidance remains at $30 million to $34 million[3][9]. Financial Stability - Net debt decreased by $2.4 million from Q1 2024, totaling $83.9 million, with a net leverage ratio of 2.5x[3][7]. - Total liabilities decreased to $172,022 as of June 30, 2024, from $176,047 as of December 31, 2023, indicating improved financial stability[14]. - Cash and availability under credit facilities as of June 30, 2024, was approximately $33 million, providing financial flexibility for growth initiatives[3][7]. Costs and Expenses - Research and development costs for the three months ended June 30, 2024, were $929, an increase from $837 in the same period last year, highlighting ongoing investment in innovation[15]. - Interest expense for the three months ended June 30, 2024, was $1,840 million, compared to $1,896 million for the same period in 2023[19]. - Tax expense for the three months ended June 30, 2024, was $1,178 million, significantly higher than $207 million for the same period in 2023[19]. - Depreciation and amortization expense for the three months ended June 30, 2024, was $2,651 million, slightly lower than $2,869 million for the same period in 2023[19]. - Total adjustments to EBITDA for the three months ended June 30, 2024, amounted to $713 million, down from $1,307 million for the same period in 2023[19]. Cash and Debt - Total cash and cash equivalents decreased to $5,303 million as of June 30, 2024, down from $7,302 million a year earlier[20]. - Total debt as of June 30, 2024, was $89,235 million, a decrease from $95,072 million on June 30, 2023[20]. - Net debt as of June 30, 2024, was $83,932 million, down from $87,770 million a year ago[20].

I'm fond of an old Japanese saying that goes, "vision without action is a daydream," and there are many companies that try to sell credulous investors on turnaround and self-improvement visions only to deliver delays, disappointments, and excuses. That's not the case here. Manitex International (NASDAQ:MNTX) has been executing on its self-improvement plans since my last update, and while it's hard to know how much is "like for like" improvement (since the addition of the rental business would normally have ...

Safe Harbor Statement First Quarter 2024 Highlights 4 Positioned to drive significant organic growth and margin expansion 25% Revenue Growth | --- | --- | --- | --- | --- | |-------------|----------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------|-------------| | | | | | | | FY22 EBITDA | | LTM EBITDA | | 2025 Target | | $21MM | Key Accomplishments: • ...

Manitex International, Inc. (NASDAQ:MNTX) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET Company Participants Michael Coffey - Chief Executive Officer Joseph Doolan - Chief Financial Officer Paul Bartolai - Vallum Advisors Conference Call Participants Matt Koranda - Roth Operator Good morning, ladies and gentlemen, and welcome to the Manitex International First Quarter 2024 Results Conference Call. At this time all lines are in a listen-only mode. Following the presentation we will conduct a questi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32401 MANITEX INTERNATIONAL, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Michigan 42-1628978 (I.R.S. Employer Identification Number) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

Manitex (MNTX) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 240%. A quarter ago, it was expected that this maker of forklifts, cranes and other lifting vehicles would post earnings of $0.12 per share when it actually produced earnings of $0.31, delivering a surprise of 158.33%.Over ...

Financial Performance - Net revenue for Q1 2024 was $73.3 million, an increase of 8.1% compared to $67.9 million in Q1 2023[6] - Adjusted EBITDA for Q1 2024 was $8.4 million, representing a 33.5% increase from $6.3 million in the prior year, with an Adjusted EBITDA margin of 11.4%, up 218 basis points[12] - Gross profit for Q1 2024 was $16.9 million, a 17.2% increase from $14.4 million in Q1 2023, resulting in a gross margin of 23.0%, an improvement of 179 basis points[8] - Net income for Q1 2024 was $2.3 million, compared to less than $0.1 million in Q1 2023, translating to $0.11 per diluted share[11] - Operating income for Q1 2024 rose to $4,910,000, compared to $2,565,000 in Q1 2023[24] - Net income attributable to shareholders for Q1 2024 was $2,283,000, significantly higher than $53,000 in Q1 2023[24] - Basic earnings per share for Q1 2024 were $0.11, compared to $0.00 in Q1 2023[24] Segment Performance - The Lifting Equipment Segment revenue was $66.0 million, up 7.9% year-over-year, driven by improvements in manufacturing throughput[6] - The Rental Equipment Segment revenue increased by 9.2% to $7.4 million, supported by strong demand and contributions from the new Lubbock, Texas location[7] Backlog and Guidance - The company ended Q1 2024 with a backlog of nearly $155 million, down from $170.3 million at the end of Q4 2023[5] - The backlog from continuing operations decreased to $154,182,000, a decline of 9.5% from the previous quarter[25] - The company reiterated its full-year 2024 financial guidance, expecting total revenue between $300 million and $310 million[16] Debt and Capital Allocation - Total debt as of March 31, 2024, was $91.4 million, with net leverage decreasing to 2.7x from 2.9x at the end of Q4 2023[14] - Total debt as of March 31, 2024, was $91,434,000, with net debt at $86,383,000[29] - The company plans to focus on debt reduction as a priority for capital allocation, with nearly $30 million in cash and availability under credit facilities[5] Research and Development - Research and development costs for Q1 2024 were $854,000, slightly up from $814,000 in Q1 2023[24] Interest Expense - Interest expense for Q1 2024 was $1,872,000, an increase from $1,765,000 in Q1 2023[24]

Manitex International, Inc. (NASDAQ:MNTX) Q4 2023 Earnings Conference Call February 29, 2024 9:00 AM ET Company Participants Paul Bartolai - Investor Relations Michael Coffey - CEO Joseph Doolan - CFO Conference Call Participants Ted Jackson - Northland Securities Operator Greetings. Welcome to Manitex International's Fourth Quarter and Full-Year 2023 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operato ...

Revenue and Profit Growth - Net revenue for 2023 increased by $17.5 million (6.4%) to $291.4 million, driven by higher sales of knuckle boom cranes and rental revenue from the Rabern acquisition[126][129] - Gross profit for 2023 was $62.4 million, a 24.7% increase from 2022, with gross profit margin improving to 21.4% from 18.3%[126][128] - Operating income surged by 261.9% to $15.8 million in 2023, compared to $4.4 million in 2022[126] - Net income attributable to shareholders was $7.4 million in 2023, a significant turnaround from a $4.9 million loss in 2022[126] Acquisitions and Investments - The company acquired a 70% stake in Rabern for $26 million in cash plus $14 million in assumed debt, contributing to revenue growth[123] - Research and development costs increased by 13.3% to $3.4 million in 2023, reflecting ongoing investment in new product development[126][131] - The company secured an $85 million credit facility in April 2022 to fund the Rabern acquisition and provide working capital[139] Financial Expenses and Tax - Interest expense rose by 67.6% to $7.8 million in 2023 due to higher debt levels and interest rates following the Rabern acquisition[126][133] - The company's effective tax rate was a benefit of 43.8% in 2023, compared to a 96.8% provision in 2022, due to valuation allowance releases and foreign earnings mix[137] - Income taxes are accounted for under ASC 740, with deferred tax assets and liabilities determined based on differences between financial and tax accounting[168][169] - The company elected to recognize GILTI (Global Intangible Low-Taxed Income) as a period cost as incurred, with no deferred taxes recognized for basis differences[170] Cash Flow and Working Capital - Cash flows from operating activities provided $2.2 million in 2023, compared to a $5.1 million use in 2022[143] Revenue Recognition and Accounting Policies - The company recognizes rental revenue under ASC 606 when the customer obtains control of the asset, and under ASC 842 over the rental term based on rental rates and days rented[157][158] - Goodwill is reviewed for impairment annually, with impairment charges recognized if the carrying value exceeds the reporting unit's fair value[160][163][164] - The company evaluates long-lived assets for impairment when events indicate the carrying amount may not be recoverable, based on future undiscounted cash flows[166] Regulatory and Reporting Updates - In 2023, the FASB issued ASU 2023-09 requiring improved income tax disclosures, effective for annual periods after December 15, 2024[174] - ASU 2023-07 expands segment reporting disclosures, requiring significant segment expenses and interim disclosures, effective for the company's 2024 annual report[176] - The company determined there was no material effect on financial statements from the FASB's Reference Rate Reform guidance under ASC 848[172][173]