Manitex International, Inc. (Nasdaq: MNTX) ("Manitex" or the
"Company"), a leading international provider of truck cranes,
specialized industrial equipment, and construction equipment rental
solutions to infrastructure and construction markets, today
reported financial results for the three months ended June 30,
2024.
SECOND QUARTER 2024 RESULTS (all comparisons versus the
prior year period unless otherwise noted)
- Net revenue of $76.2 million, +3.7%
- Gross profit of $17.2 million, +14.9%; gross margin of 22.5%,
+220 basis points
- Net Income of $1.5 million; Adjusted Net Income of $2.2
million, or $0.11 per diluted share
- Adjusted EBITDA of $8.1 million, +19.0%; Adjusted EBITDA margin
of 10.6%, +137 basis points
- Net Debt decrease of $2.4 million from 1Q24; Net leverage of
2.5x as of June 30, 2024
- Reiterated full-year 2024 adjusted EBITDA guidance; Adjusted
full-year 2024 revenue guidance
MANAGEMENT COMMENTARY
“Our second quarter results highlight our continued progress
under our Elevating Excellence strategy, as we produced further
margin expansion, generated strong adjusted EBITDA growth, and
reduced net leverage” stated Michael Coffey, Chief Executive
Officer of Manitex. “Our second quarter performance was driven by
strong growth in our rental operations, cost reductions which are
gaining momentum, and ongoing process improvements, resulting in
nearly 20% year-over-year growth in adjusted EBITDA.”
“While we continue to see some apprehension from our dealers and
customers, likely driven by the stubbornly high interest rates,
macro uncertainty, and upcoming elections, which is weighing on
order patterns and our backlog, we remain confident in the
long-term drivers of our business,” noted Coffey. “The need to
invest in infrastructure, enhance the durability of the electric
grid, and mine critical materials to support the energy transition
has not changed, and these factors will drive our business in the
coming years. In the meantime, we will continue to focus on our
commercial growth initiatives, and we made important progress
during the second quarter, including growing momentum in our dealer
network expansion strategy and increased new product adoption.”
“The continued progress under our operational excellence
initiatives was once again clearly evident during the second
quarter based on our 220 basis points of gross margin expansion,”
continued Coffey. “During the second quarter, we made additional
progress on our supply chain initiatives, resulting in lower
materials costs, and further improved our manufacturing velocity.
These actions contributed to an adjusted EBITDA margin of 10.6% in
the second quarter, an improvement of nearly 140 basis points from
the prior-year period, despite some mixed headwinds.”
“We remain committed to our disciplined capital allocation
strategy, with a near-term priority on reducing our debt levels and
net leverage,” stated Joseph Doolan, Chief Financial Officer of
Manitex. “We finished the second quarter with net debt of $83.9
million, down over $2 million from the end of the first quarter,
and our ratio of net debt to trailing twelve-month adjusted EBITDA
was 2.5x, down from 2.9x at the end of 2023. At June 30, 2024 we
had approximately $33 million of cash and availability under our
credit facilities, which provides us with ample financial
flexibility to support our growth initiatives.”
"We are extremely proud of the progress we’ve made under
Elevating Excellence, and we remain laser-focused on continuing to
drive critical change under this program in the coming years in an
effort to drive shareholder value,” noted Coffey. “It is this
disciplined focus on our strategic priorities that has enabled us
to deliver strong adjusted EBITDA growth and margin expansion
during 2024, despite the slowing in order trends we have
experienced in recent quarters. As a result of the recent order
trends, we are lowering our full-year 2024 revenue guidance to a
range of $290 million to $300 million. However, we continue to
expect our 2024 adjusted EBITDA to be in a range of $30 million to
$34 million, demonstrating our strong execution against our
operational excellence priorities.”
SECOND QUARTER 2024 PERFORMANCE
Manitex reported net revenue of $76.2 million for the second
quarter 2024, up 3.7% from net revenue of $73.5 million for the
same period last year owing to growth in both the Lifting Equipment
and Rental segments.
Lifting Equipment Segment revenue was $67.9 million during the
second quarter 2024, an increase of 2.4%, versus the prior-year
period. The revenue increase was a result of the continued
improvements in manufacturing velocity.
Rental Equipment Segment revenue was $8.4 million in the second
quarter 2024, an increase of 15.0% versus the prior year, driven by
strong end-market demand and investments in rental fleet
growth.
Total gross profit was $17.2 million in the second quarter, an
increase of 14.9% from the prior-year period due to increased
manufacturing throughput, lower material costs driven by supply
chain initiatives, and increased contribution from the Rental
segment. As a result of these factors, gross profit margin
increased 220 basis points to 22.5% during the second quarter
2024.
SG&A expense was $11.1 million for the second quarter, up
modestly from $10.8 million for the comparable period last year.
R&D costs of $0.9 million were up modestly from $0.8 million
from last year.
Operating income was $5.1 million for the second quarter 2024,
compared to $3.3 million for the same period last year. Second
quarter operating margin was 6.7%, an improvement from 4.5% in the
prior year period. The year-over-year improvement in operating
income and operating margin was driven by the improved gross margin
performance.
The Company delivered net income of $1.5 million, or $0.07 per
diluted share, for the second quarter 2024, compared to a net
income of $0.4 million, or $0.02 per diluted share, for the same
period last year.
Adjusted EBITDA was $8.1 million for the second quarter 2024, or
10.6% of sales, up 19.0% from adjusted EBITDA of $6.8 million, or
9.3% of sales, for the same period last year. See Non-GAAP
reconciliations in the appendix of this release.
As of June 30, 2024, total backlog was $116 million, down from
$170 million at the end of the fourth quarter 2023.
BALANCE SHEET AND LIQUIDITY
As of June 30, 2024, total debt was $89.2 million. Cash and cash
equivalents as of June 30, 2024, were $5.3 million, resulting in
net debt of $83.9 million. Net leverage was 2.5x at the end of the
second quarter 2024, down from 2.9x at the end of fourth quarter
2023. As of June 30, 2024, Manitex had total cash and availability
of approximately $33 million.
2024 FINANCIAL GUIDANCE
The following forward-looking guidance reflects the management’s
current expectations and beliefs as of August 7, 2024, and is
subject to change.
Full-Year
Full-Year
Prior Full-Year
2023 Actual
2024
2024
Total Revenue ($MM)
$291.4
$290 to $300
$300 to $310
Total Adjusted EBITDA ($MM)
$29.6
$30 to $34
$30 to $34
Total Adjusted EBITDA Margin
10.1%
10.8%*
10.5%*
*Assumes mid-point of the guidance range.
SECOND QUARTER 2024 RESULTS CONFERENCE CALL
Manitex will host a conference call today at 9:00 AM ET to
discuss the Company’s second quarter 2024 results.
A webcast of the conference call and accompanying presentation
materials will be available in the Investor Relations section of
the Manitex website at
https://www.manitexinternational.com/eventspresentations.aspx, and
a replay of the webcast will be available at the same time shortly
after the webcast is complete.
To participate in the live
teleconference:
Domestic Live:
(800) 717-1738
International Live:
(646) 307-1865
To listen to a replay of the
teleconference, which will be available through August 21,
2024:
Domestic Replay:
(844) 512-2921
International Replay:
(412) 317-6671
Passcode:
1123676
NON-GAAP FINANCIAL MEASURES AND OTHER ITEMS
In this press release, we refer to various non-GAAP (U.S.
generally accepted accounting principles) financial measures which
management uses to evaluate operating performance, to establish
internal budgets and targets, and to compare the Company's
financial performance against such budgets and targets. These
non-GAAP measures, as defined by the Company, may not be comparable
to similarly titled measures being disclosed by other companies.
While adjusted financial measures are not intended to replace any
presentation included in our condensed consolidated financial
statements under generally accepted accounting principles (GAAP)
and should not be considered an alternative to operating
performance or an alternative to cash flow as a measure of
liquidity, we believe these measures are useful to investors in
assessing our operating results, capital expenditures and working
capital requirements and the ongoing performance of its underlying
businesses. A reconciliation of Adjusted GAAP financial measures is
included with this press release. All per share amounts are on a
fully diluted basis. The quarterly amounts described below are
unaudited, are reported in thousands of U.S. dollars, and are as of
the dates indicated.
ABOUT MANITEX INTERNATIONAL
Manitex International is a leading provider of mobile truck
cranes, industrial lifting solutions, aerial work platforms,
construction equipment and rental solutions that serve general
construction, crane companies, and heavy industry. The company
engineers and manufactures its products in North America and
Europe, distributing through independent dealers worldwide. Our
brands include Manitex, PM, Oil & Steel, Valla, and Rabern
Rentals.
FORWARD-LOOKING STATEMENTS
Safe Harbor Statement under the U.S. Private Securities
Litigation Reform Act of 1995: This release contains statements
that are forward-looking in nature which express the beliefs and
expectations of management including statements regarding the
Company's expected results of operations or liquidity; statements
concerning projections, predictions, expectations, estimates or
forecasts as to our business, financial and operational results and
future economic performance; and statements of management's goals
and objectives and other similar expressions concerning matters
that are not historical facts. In some cases, you can identify
forward-looking statements by terminology such as "anticipate,"
"estimate," "plan," "project," "continuing," "ongoing," "expect,"
"we believe," "we intend," "may," "will," "should," "could," and
similar expressions. Such statements are based on current plans,
estimates and expectations and involve a number of known and
unknown risks, uncertainties and other factors that could cause the
Company's future results, performance or achievements to differ
significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. These
factors and additional information are discussed in the Company's
filings with the Securities and Exchange Commission and statements
in this release should be evaluated in light of these important
factors. Although we believe that these statements are based upon
reasonable assumptions, we cannot guarantee future results.
Forward-looking statements speak only as of the date on which they
are made, and the Company undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.
MANITEX INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
and per share data)
(Unaudited)
June 30, 2024
December 31, 2023
ASSETS
Current assets
Cash
$
5,097
$
9,269
Cash – restricted
206
212
Trade receivables (net)
51,695
49,118
Other receivables
1,715
553
Inventory (net)
82,268
82,337
Prepaid expenses and other current
assets
3,659
4,084
Total current assets
144,640
145,573
Total fixed assets, net of accumulated
depreciation of $33,035 and $29,751 at June 30, 2024 and December
31, 2023, respectively
52,194
49,560
Operating lease assets
7,832
7,416
Intangible assets (net)
10,511
12,225
Goodwill
36,854
37,354
Deferred tax assets
3,220
3,603
Total assets
$
255,251
$
255,731
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
49,987
$
47,644
Accrued expenses
14,346
14,503
Related party payables (net)
548
27
Revolving term credit facilities
2,106
2,185
Notes payable (net)
21,153
23,343
Current portion of finance lease
obligations
651
605
Current portion of operating lease
obligations
2,210
2,100
Customer deposits
2,021
2,384
Total current liabilities
93,022
92,791
Long-term liabilities
Revolving term credit facilities (net)
48,817
49,781
Notes payable (net)
14,064
16,249
Finance lease obligations (net of current
portion)
2,444
2,777
Operating lease obligations (net of
current portion)
5,622
5,315
Deferred tax liability
4,719
4,145
Other long-term liabilities
3,334
4,989
Total long-term liabilities
79,000
83,256
Total liabilities
172,022
176,047
Commitments and contingencies
Equity
Preferred stock—Authorized 150,000 shares,
no shares issued or outstanding at June 30, 2024 and December 31,
2023
—
—
Common stock—no par value 25,000,000
shares authorized, 20,390,299 and 20,258,194 shares issued and
outstanding at June 30, 2024 and December 31, 2023,
respectively
135,226
134,328
Additional paid-in capital
5,454
5,440
Retained deficit
(62,209
)
(65,982
)
Accumulated other comprehensive loss
(5,686
)
(4,169
)
Equity attributable to shareholders of
Manitex International
72,785
69,617
Equity attributed to noncontrolling
interest
10,444
10,067
Total equity
83,229
79,684
Total liabilities and equity
$
255,251
$
255,731
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except for share and per
share amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net revenues
$
76,235
$
73,534
$
149,578
$
141,405
Cost of sales
59,074
58,599
115,534
112,060
Gross profit
17,161
14,935
34,044
29,345
Operating expenses
Research and development costs
929
837
1,783
1,651
Selling, general and administrative
expenses
11,125
10,766
22,244
21,797
Total operating expenses
12,054
11,603
24,027
23,448
Operating income
5,107
3,332
10,017
5,897
Other income (expense)
Interest expense
(1,931
)
(1,896
)
(3,803
)
(3,661
)
Interest income
91
-
170
-
Foreign currency transaction loss
(353
)
(718
)
(829
)
(773
)
Other income (expense)
(17
)
21
17
(737
)
Total other expense
(2,210
)
(2,593
)
(4,445
)
(5,171
)
Income before income taxes
2,897
739
5,572
726
Income tax expense
1,178
207
1,422
220
Net income
1,719
532
4,150
506
Net income attributable to noncontrolling
interest
229
128
377
49
Net income attributable to
shareholders
of Manitex International, Inc.
$
1,490
$
404
$
3,773
$
457
Income per share
Basic
$
0.07
$
0.02
$
0.19
$
0.02
Diluted
$
0.07
$
0.02
$
0.19
$
0.02
Weighted average common shares
outstanding
Basic
20,368,668
20,206,919
20,326,794
20,164,486
Diluted
20,392,756
20,209,959
20,378,199
20,166,968
Net Sales and Gross Margin
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
As Reported
As A djusted
As Reported
As Adjusted
As Reported
As Adjusted
Net sales
$
76,235
$
76,235
$
73,343
$
73,343
$
73,534
$
73,534
% change Vs Q1 2024
3.9
%
3.9
%
% change Vs Q2 2023
3.7
%
3.7
%
Gross margin
17,161
17,161
16,883
16,883
14,935
14,935
Gross margin % of net sales
22.5
%
22.5
%
23.0
%
23.0
%
20.3
%
20.3
%
Backlog
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Sept 30, 2023
June 30, 2023
Backlog from continuing operations
115,811
154,182
170,286
196,872
223,236
Change Versus Current Period
(24.9%)
(32.0%)
(41.2%)
(48.1%)
Backlog is defined as orders for equipment which have not
yet shipped as well as orders by foreign subsidiaries for
international deliveries. The disclosure of backlog aids in the
analysis the Company's customers' demand for product, as well as
the ability of the Company to meet that demand. Backlog is not
necessarily indicative of sales to be recognized in a specified
future period.
Reconciliation of Net Income
Attributable to Shareholders of Manitex International, Inc. to
Adjusted Net Income
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Net income attributable to shareholders of
Manitex International, Inc.
$
1,490
$
2,283
$
404
Adjustments, including net tax impact
713
1,127
1,307
Adjusted net income attributable to
shareholders of Manitex International, Inc.
$
2,203
$
3,410
$
1,711
Weighted diluted shares outstanding
20,392,756
20,363,642
20,209,959
Diluted earnings per share as reported
$
0.07
$
0.11
$
0.02
Total EPS effect
$
0.04
$
0.06
$
0.06
Adjusted diluted earnings per share
$
0.11
$
0.17
$
0.08
Reconciliation of Net Income to
Adjusted EBITDA
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Net Income
$
1,719
$
2,431
$
532
Interest expense
1,840
1,793
1,896
Tax expense
1,178
244
207
Depreciation and amortization expense
2,651
2,794
2,869
EBITDA
$
7,388
$
7,262
$
5,504
Adjustments:
Stock compensation
$
360
$
633
$
589
FX
353
476
718
Severance / restructuring costs
-
(51
)
-
Other
-
69
-
Total Adjustments
$
713
$
1,127
$
1,307
Adjusted EBITDA
$
8,101
$
8,389
$
6,811
Adjusted EBITDA as % of sales
10.6
%
11.4
%
9.3
%
Net Debt
June 30, 2024
March 31, 2024
June 30, 2023
Total cash & cash
equivalents
$
5,303
$
5,054
$
7,302
Notes payable - short term
$
21,153
$
22,658
$
23,857
Current portion of finance leases
651
632
555
Notes payable - long term
14,064
17,004
21,585
Finance lease obligations - LT
2,444
2,609
3,093
Revolver, net
50,923
48,531
45,982
Total debt
$
89,235
$
91,434
$
95,072
Net debt
$
83,932
$
86,380
$
87,770
Net debt is calculated using the Consolidated Balance Sheet
amounts for current and long-term portion of long-term debt,
capital lease obligations, notes payable, and revolving credit
facilities minus cash and cash equivalents.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807051696/en/
IR CONTACT Paul Bartolai or Noel Ryan
MNTX@val-adv.com
Manitex (NASDAQ:MNTX)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Manitex (NASDAQ:MNTX)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024