Manitex International reports Q1 results
By Hannah Sundermeyer09 May 2022
Manitex International, a leading international provider of cranes and specialized industrial equipment, has announced first quarter 2022 results. On April 11, 2022, the company simultaneously announced that Michael Coffey was appointed chief executive officer, the closing of the acquisition of Rabern Rentals and a new credit facility in the U.S.
Net revenues from continuing operations increased 28 percent to $60.4 million, compared to $47.2 million in the first quarter of 2021. Net income of $0.2 million, or $0.01 per diluted share, compared to a loss of $0.8 million, or $(0.04) per diluted share, in the first quarter of 2021.
Adjusted net income for the first quarter of 2022 was $0.9 million, or $0.05 per share, compared with a loss of $0.1 million, or $(0.01) per share for the first quarter of 2021.
“First quarter results reflect gains in sales, bookings and a strong backlog that has surpassed $200 million,” said Coffey. “We are pleased with the strong demand for our products, across our product portfolio, both in North America and in Europe, and the backlog indicates that sales will continue to show good momentum throughout the rest of the year.”