Manitex International(US:MNTX)2024-11-07 14:30Revenue Performance - Total revenue for the nine months ended September 30, 2024, was $216.1 million, compared to $212.7 million for the same period in 2023, representing a 1.8% increase[47]. - Revenue from the United States for the nine months ended September 30, 2024, was $104.0 million, up from $98.9 million in 2023, reflecting a 5.4% increase[47]. - Total revenue for the three months ended September 30, 2024, was $66,544 million, a decrease of 1.0% from $71,331 million in the same period of 2023[49]. - Total revenue for the nine months ended September 30, 2024, was $216,122 million, an increase of 1.8% from $212,736 million in the same period of 2023[49]. - Total net sales for Lifting Equipment reached $191,122 million for the nine months ended September 30, 2024, compared to $191,114 million for the same period in 2023, reflecting a slight increase[123]. - Rental Equipment net sales were $25,000 million for the nine months ended September 30, 2024, consistent with the previous year[123]. - The Lifting Equipment segment generated revenue of $57.283 million in Q3 2024, down from $63.738 million in Q3 2023, reflecting a decrease of about 10.4%[122]. - The Rental Equipment segment reported revenue of $9.261 million for Q3 2024, an increase from $7.593 million in Q3 2023, indicating a growth of approximately 22%[122]. Mergers and Acquisitions - The company entered into a merger agreement with Tadano Ltd. for an equity value of $122 million and a total transaction value of $223 million, including outstanding debt[20]. - Manitex shareholders will receive $5.80 per share in cash upon completion of the merger, after which the company's shares will no longer trade publicly[20]. - The Company entered into a Merger Agreement with Tadano on September 12, 2024, with an equity value of $122 million and a total transaction value of $223 million, including outstanding debt[117]. Financial Position - Cash and cash equivalents at the end of September 2024 were $4.246 million, compared to $4.673 million at the end of 2023, indicating a decrease of 9.1%[34]. - The company established an allowance for credit losses of $2.179 million as of September 30, 2024, slightly down from $2.186 million at the end of 2023[38]. - Customer deposits as of September 30, 2024, totaled $2,155 million, a decrease from $2,220 million as of September 30, 2023[51]. - Additional customer deposits received where revenue has not yet been recognized increased to $10,927 million for the nine months ended September 30, 2024, compared to $6,325 million in the same period of 2023[51]. - Inventory, net as of September 30, 2024, was $84,180 million, an increase from $82,337 million as of December 31, 2023[58]. - Net property and equipment as of September 30, 2024, was $51,696 million, an increase from $49,560 million as of December 31, 2023[63]. - Total intangible assets, net as of September 30, 2024, were $9,897 million, a decrease from $12,225 million as of December 31, 2023[60]. - Total accrued expenses as of September 30, 2024, were $13,935 million, a decrease from $14,503 million as of December 31, 2023[64]. - As of September 30, 2024, total debt decreased to $85,302 million from $91,621 million as of December 31, 2023, representing a reduction of approximately 6.5%[67]. - The net debt, after deducting debt issuance costs, was $85,259 million as of September 30, 2024, compared to $91,558 million at the end of 2023[67]. - PM Group's outstanding working capital borrowings were $16,445 million as of September 30, 2024, down from $17,678 million at December 31, 2023, indicating a decrease of about 7%[75]. - The total lease liabilities amounted to $10,285 million as of September 30, 2024, compared to $10,797 million as of December 31, 2023, reflecting a decline of approximately 4.7%[83]. - Operating lease assets were valued at $7,344 million as of September 30, 2024, slightly down from $7,416 million at December 31, 2023[83]. Taxation - For the three months ended September 30, 2024, the company recorded an income tax provision of $874 million, up from $742 million in the same period of 2023, reflecting a year-over-year increase of 17.8%[13][90]. - The effective tax rate for the three months ended September 30, 2024 was 53.7% on pretax income of $1,627 million, compared to 28.1% on pretax income of $2,636 million in the prior year, indicating a significant increase in the effective tax rate[88][91]. - For the nine months ended September 30, 2024, the company recorded an income tax provision of $2,296 million, which includes a discrete income tax benefit of $415 million, compared to $962 million in the same period of 2023[90]. - The effective tax rate for the nine months ended September 30, 2024 was 31.9% on pretax income of $7,199 million, compared to 28.6% on pretax income of $3,362 million in the prior year[91]. - The company's total unrecognized tax benefits as of September 30, 2024, were approximately $2.2 million, down from $2.8 million in the previous year[92]. Earnings - Basic net income for the three months ended September 30, 2024, was $753 million, compared to $1,894 million for the same period in 2023, representing a decrease of 60.3%[93]. - Basic net income attributable to shareholders for the nine months ended September 30, 2024, was $4,200 million, compared to $2,157 million in the same period of 2023, reflecting an increase of 94.9%[93]. - Operating income for the Company in Q3 2024 was $4.435 million, compared to $5.179 million in Q3 2023, a decline of about 14.3%[122]. Shareholder Activities - The weighted average common shares outstanding for the three months ended September 30, 2024, were 20,397,358, compared to 20,252,114 in the prior year[93]. - The company issued a total of 153,378 shares of common stock to employees and directors during the nine months ended September 30, 2024, with a total value of $1,032,457[96]. - The company repurchased 14,214 shares from employees during the current year through September 30, 2024, to satisfy withholding tax obligations related to stock issuances[97]. Other Information - The company is currently evaluating the impact of new accounting standards on its disclosures, effective for fiscal years beginning after December 15, 2023[30]. - The Company has recorded a liability for product liability claims, with estimates that may change within the next 12 months based on case settlements and new information[110]. - No subsequent information or significant market risks were disclosed in the reports[124][158].