Manitex International sees third quarter increase
03 November 2022
Manitex International, a leading international provider of truck cranes, specialized industrial equipment, and construction equipment rental solutions, published results for the third quarter of 2022.
Net revenues increased $14.1 million or 27.7 percent to $65.0 million for the three months ended September 30, 2022 from $50.9 million for the comparable period in 2021. The increase in revenues is primarily due to the acquisition of Rabern and increases in sales of straight mast cranes by the company’s U.S. subsidiaries. Increases in sales of knuckle boom cranes by the company’s foreign subsidiaries were offset by foreign currency changes of $4.6 million.
Net loss was $3.1 million, or $(0.15) per share for the third quarter compared with net loss of $1.1 million, or $(0.06) in the same period last year. Adjusting for non-recurring items, including legal settlement charges, restructuring and acquisition expenses, adjusted net income was $1.0 million, or $0.05 per share for the third quarter of 2022 compared with a net loss of $0.2 million, or $(0.01) per share in last year’s same period.
The company’s Adjusted EBITDA for the third quarter was $5.2 million, or 8.0 percent of sales compared with $1.6 million, or 3.1 percent of sales in last year’s same period. Rabern Rentals, which was acquired during the second quarter of 2022, is having a significant positive impact on the company’s margin performance, as anticipated.
“On a forward looking basis, we anticipate a strong finish to the year, hallmarked with continued revenue growth,” concluded Michael Coffey, CEO, Manitex International. “We expect to realize benefits from more favorably priced backlog, scheduled for delivery during the next few quarters. We further expect to start achieving healthy levels of debt reduction. Our inventory levels are consistent with current backlog and production rates and our rental fleet size has grown to meet short term forecasts.”