Manitex International(US:MNTX)2024-08-09 04:04Financial Performance - Q2 2024 - Revenue increased by 4% year-over-year, driven by rental growth and improved production velocity[11, 12] - Gross margin increased by 220 basis points year-over-year to 22.5%, due to better manufacturing throughput, lower material costs, and increased rental contribution[3, 11, 12] - Adjusted EBITDA increased by 19% year-over-year to $8.1 million, with a margin of 10.6%, up 137 basis points[3, 11, 12] Balance Sheet & Capital Allocation - Net debt decreased by $2 million from the end of Q1 2024[3, 13] - Net leverage ratio decreased to 2.5x, down from 2.9x at year-end 2023[3, 11, 13] Elevating Excellence Initiative - Rental revenue increased 15% due to strong demand drivers and investments in rental fleet growth[3] - The company is targeting approximately 25% revenue growth, aiming for $325 to $360 million[5, 7] - The company is targeting approximately 65-110% EBITDA growth, aiming for $35 to $45 million[5, 7] 2024 Outlook - Reiterating 2024 adjusted EBITDA guidance, which assumes 8% EBITDA growth at the mid-point of the guidance range[3, 14] - Revenue guidance is adjusted to $290 to $300 million to reflect recent slowdown in order trends[3, 14]