The following is a summary of the Manitex International, Inc. (MNTX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Manitex reported Q1 revenue of $73.3 million, marking an 8.1% increase driven mainly by U.S operations.
Gross profit margin increased to 23.0%, with a 17% Y-o-Y increase in gross profit to $16.9 million.
Adjusted EBITDA of $8.4 million, reflecting a growth of more than 33% from the same period last year, indicating strong operational efficiency.
Net income was $2.3 million while adjusted net income was $3.4 million.
Manitex's Lifting Equipment and Rental equipment segments reported increased revenues buoying their business performance.
Forecast for 2024 includes a revenue ranging between $300-310 million and adjusted EBITDA of $30-34 million.
Business Progress:
The company's new growth strategy, Elevating Excellence, is surpassing milestones, leading to revenue growth and margin expansion.
The company has launched the PM 70.5 articulated truck mounted crane and is expanding the PM Group portfolio in North America.
Manitex has seen a decrease in backlog, which shows an improvement in their production speed.
Expansion efforts in North Texas have contributed to a $7 million increase to the rental fleet.
Opened a successful new branch in Lubbock, due to strong market performance and customer relations, further growth is anticipated.
Manitex intends to capitalize on positive trends by forward budgeting, intending presence at investors conferences for networking and growth opportunities.
More details: Manitex International IR
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