The following is a summary of the Manitex International, Inc. (MNTX) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Manitex reported Q4 revenue of $78.7 million, maintaining the same as the previous year.

• Gross margin rose over 160 basis points, reaching 20.9%.

• Adjusted EBITDA margin remained steady at 10.2% with a 40% YoY growth.

• Q4 net income rose to $5.2 million, up from $0.5 million in the same period last year.

• Adjusted net income was $6.3 million, up from $1.8 million in Q4 of 2022.

• The company reduced its net debt by $1 million, standing at $85.5 million by the end of December.

Business Progress:

• Manitex adopted the "Elevating Excellence" strategy focusing on customer-oriented sales, a stronger dealer network, and specific production improvements.

• The company planned capital redeployment to cater to growing European product line and scaled up production in response to strong order confirmations from diverse market segments.

• Factors for reducing costs and improving margins include improving manufacturing velocity, equipment acquisition, and potential facility expansion plans.

• The company expects an ongoing growth potential in 2024 and opportunities for margin expansion.

• Manitex plans to invest in new fleet expenditures for Rental Equipment segment due to favorable demand trends.

• Total backlog for 2024 was $170 million, predicting a healthy prospect.

• Projections reveal a total of about $10 million in CapEx aimed mostly at expansion of the rental fleet for 2024.

• The company projected full-year revenue for 2024 to range between $300 million to $310 million and adjusted EBITDA in a range of $30 million to $34 million.

More details: Manitex International IR

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