Manitex International(US:MNTX)2024-08-07 14:00Financial Performance - Net revenues for Q2 2024 reached $76,235 thousand, a 3% increase from $73,534 thousand in Q2 2023[10] - Gross profit for Q2 2024 was $17,161 thousand, up 15% from $14,935 thousand in Q2 2023[10] - Operating income for the first half of 2024 was $10,017 thousand, compared to $5,897 thousand in the same period of 2023, reflecting a 70% increase[10] - Net income attributable to shareholders for Q2 2024 was $1,490 thousand, significantly higher than $404 thousand in Q2 2023[10] - Net income for the six months ended June 30, 2024, was $4,150,000, compared to $506,000 for the same period in 2023, representing a significant increase[13] - Basic net income per share for the three months ended June 30, 2024, was $0.08, compared to $0.03 for the same period in 2023[73] - Total comprehensive income for Q2 2024 was $1,402,000, compared to $554,000 in Q2 2023[11] - Operating income for the three months ended June 30, 2024, reached $5,107 million, up 53% from $3,332 million in the prior year[94] Assets and Liabilities - Total current assets decreased slightly to $144,640 thousand as of June 30, 2024, from $145,573 thousand at the end of 2023[9] - Total liabilities decreased to $172,022 thousand as of June 30, 2024, down from $176,047 thousand at the end of 2023[9] - The company reported a total equity of $83,229 thousand as of June 30, 2024, up from $79,684 thousand at the end of 2023[9] - Total assets as of June 30, 2024, were $255,251 million, slightly down from $255,731 million as of December 31, 2023[9] - Total debt as of June 30, 2024, was $86,185 million, a decrease from $91,621 million as of December 31, 2023[53] - The company maintained compliance with its debt service coverage ratio of at least 1.25:1.00 as of June 30, 2024[58] Cash Flow and Investments - Total cash provided by operating activities for the first half of 2024 was $8,887,000, compared to a cash used of $2,506,000 in the first half of 2023[13] - The company reported a net cash decrease of $2,910,000 for the six months ended June 30, 2024, compared to a decrease of $1,524,000 in the same period of 2023[13] - The company invested $7,129,000 in property and equipment during the first half of 2024, compared to $3,506,000 in the same period of 2023[13] - The company reported a net cash used in investing activities of $(6,779,000) for the six months ended June 30, 2024, compared to $(3,205,000) in 2023, reflecting increased investment in property and equipment[13] Segment Performance - Manitex operates in two business segments and four operating segments following the completion of the Rabern acquisition[16] - Lifting Equipment segment generated $67,874 million in net revenues for the three months ended June 30, 2024, compared to $66,264 million in the same period of 2023, reflecting a 2% increase[94] - Rental Equipment segment reported net revenues of $8,361 million for the three months ended June 30, 2024, an increase of 15% from $7,270 million in the same period of 2023[94] - Revenue from the United States for the six months ended June 30, 2024, was $74.909 million, up 15% from $65.095 million in 2023[34] Research and Development - Research and development costs for Q2 2024 were $929 thousand, an increase from $837 thousand in Q2 2023[10] Foreign Currency and Taxation - The company experienced a foreign currency transaction loss of $353 thousand in Q2 2024, compared to a loss of $718 thousand in Q2 2023[10] - The company recorded an income tax provision of $1.2 million for the three months ended June 30, 2024, with an effective tax rate of 40.7% on pretax income of $2.9 million[67][68] - The effective tax rate for the three months ended June 30, 2024, was 40.7% on pretax income of $2.9 million, compared to 28.0% on pretax income of $0.7 million in the prior year[68] Shareholder Equity and Stock Options - The weighted average common shares outstanding for Q2 2024 were 20,368,668, compared to 20,206,919 in Q2 2023[10] - The company issued a total of 145,010 shares of common stock to employees and directors as restricted stock units during the six months ended June 30, 2024, valued at $978,985[76] - The company repurchased 12,905 shares from employees to satisfy tax obligations, with the closing prices ranging from $5.76 to $6.51[77] - Compensation expense related to restricted stock units was $713 for the six months ended June 30, 2024, compared to $641 for the same period in 2023[78] Miscellaneous - The company is evaluating the impact of new accounting standards on its disclosures, effective for fiscal years beginning after December 15, 2023[21] - The company has a remaining obligation of $760 under settlement agreements related to asbestos claims, payable in 7 annual installments of $95[84] - The company recognized $7,518 million in revenue from customer deposits during the six months ended June 30, 2024, compared to $5,330 million in the same period of 2023[37]