Manitex International(MNTX) - 2024 Q1 - Quarterly Results

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]