Manitex International(MNTX) - 2024 Q3 - Quarterly Results

Financial Performance - Net revenue for Q3 2024 was $66.5 million, a decrease of 6.7% from $71.3 million in Q3 2023, primarily due to lower sales of aerial work platforms and chassis[3]. - Gross profit was $16.0 million, down 3.4% year-over-year, with a gross margin of 24.1%, an increase of 83 basis points[5]. - Adjusted EBITDA for Q3 2024 was $8.5 million, representing 12.8% of sales, compared to 11.9% of sales in the same period last year[8]. - The Lifting Equipment Segment revenue decreased by 10.1% to $57.3 million, while the Rental Equipment Segment revenue increased by 22.0% to $9.3 million[4]. - Net income for Q3 2024 was $0.4 million, or $0.02 per diluted share, compared to $1.7 million, or $0.08 per diluted share, in Q3 2023[7]. - Operating income for the three months ended September 30, 2024, was $4,435, down from $5,179 in the same period last year[22]. - Net income attributable to shareholders for the three months ended September 30, 2024, was $427, compared to $1,700 for the same period in 2023[22][24]. - Basic earnings per share for the three months ended September 30, 2024, were $0.02, down from $0.08 in the same period last year[22][24]. - Adjusted diluted earnings per share for the three months ended September 30, 2024, were $0.09, compared to $0.14 for the same period in 2023[24]. Debt and Cash Position - Total debt as of September 30, 2024, was $88.2 million, with cash and cash equivalents of $4.5 million, resulting in net debt of $83.7 million[9]. - Total debt as of September 30, 2024, was $88,201 million, down from $91,275 million a year earlier[26]. - Net debt decreased to $83,740 million as of September 30, 2024, compared to $86,399 million in the same quarter of the previous year[26]. - Total cash and cash equivalents were $4,461 million as of September 30, 2024, down from $4,876 million a year ago[26]. Backlog and Assets - Total backlog as of September 30, 2024, was $97 million, down from $170 million at the end of Q4 2023[8]. - The backlog from continuing operations as of September 30, 2024, was $97,277, down 16.0% from $115,811 as of June 30, 2024[23]. - Total current assets decreased to $141,035 as of September 30, 2024, from $145,573 at December 31, 2023[21]. - Total liabilities decreased to $164,624 as of September 30, 2024, from $176,047 at December 31, 2023[21]. Expenses - SG&A expenses decreased to $9.9 million from $10.5 million year-over-year, while R&D costs were reduced to $0.7 million from $0.9 million[6]. - Interest expense for the three months ended September 30, 2024, was $2,082 million, compared to $1,856 million in the same period last year[25]. - Tax expense for the three months ended September 30, 2024, was $874 million, an increase from $742 million in the same period last year[25]. - Depreciation and amortization expense for the three months ended September 30, 2024, was $2,767 million, compared to $2,739 million a year ago[25]. - Stock compensation adjustments totaled $269 million for the three months ended September 30, 2024, down from $457 million in the same period last year[25]. Acquisition - Manitex announced an agreement to be acquired by Tadano, Ltd. for $5.80 in cash per share, with a total transaction value of $223 million including debt[10]. - The company is no longer providing financial guidance due to the pending acquisition by Tadano[12].