Yahoo Finance Earnings Beat: Manitex International, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
It's been a good week for Manitex International, Inc. (NASDAQ:MNTX) shareholders, because the company has just released its latest first-quarter results, and the shares gained 3.1% to US$5.62. It looks like a credible result overall - although revenues of US$73m were what the analysts expected, Manitex International surprised by delivering a (statutory) profit of US$0.11 per share, an impressive 120% above what was forecast. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.
Check out our latest analysis for Manitex International
Following the latest results, Manitex International's dual analysts are now forecasting revenues of US$303.6m in 2024. This would be a satisfactory 2.3% improvement in revenue compared to the last 12 months. Statutory earnings per share are expected to dive 21% to US$0.37 in the same period. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$304.7m and earnings per share (EPS) of US$0.35 in 2024. The analysts seems to have become more bullish on the business, judging by their new earnings per share estimates.
The consensus price target rose 5.6% to US$9.50, suggesting that higher earnings estimates flow through to the stock's valuation as well.
Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. It's pretty clear that there is an expectation that Manitex International's revenue growth will slow down substantially, with revenues to the end of 2024 expected to display 3.1% growth on an annualised basis. This is compared to a historical growth rate of 8.1% over the past five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 3.6% annually. Factoring in the forecast slowdown in growth, it looks like Manitex International is forecast to grow at about the same rate as the wider industry.
The Bottom Line
The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Manitex International following these results. Happily, there were no real changes to revenue forecasts, with the business still expected to grow in line with the overall industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have analyst estimates for Manitex International going out as far as 2026, and you can see them free on our platform here.
Plus, you should also learn about the 1 warning sign we've spotted with Manitex International .
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
