Manitex International(MNTX) - 2024 Q2 - Quarterly Results

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].