Manitex Q1 results: increased sales, $107 million backlog
By D.Ann Shiffler11 May 2021
Manitex International reports backlog is at a five-year high.
Manitex International announced first quarter 2021 results, noting that net sales from continuing operations for the first quarter were $47.2 million, compared to $48.7 million in the prior year’s first quarter, and net loss from continuing operations was $(0.8 million) compared to net loss from continuing operations of $(7.0 million) in the first quarter of 2020. Among the highlights of the quarter, Manitex said net sales increased to $47.2 million compared to $45.2 million in the fourth quarter of 2020 and its $107 million backlog as of April
30, 2021 is at a 5-year high. The book to bill was 1.34:1, the company said.
The company also reported that gross profit of $8.8 million, or 18.7 percent of sales, was in-line with $8.4 million gross profit, or 18.7 percent of sales in the fourth quarter of 2020. Adjusted EBITDA* increased 24 percent to $1.9 million, or 3.9 percent of sales, from $1.5 million, or 3.3 percent of sales in the fourth quarter of 2020. Available liquidity through cash and credit lines of approximately $28 million as of March 31, 2021. Adjusted net loss* from continuing operations in the first quarter of 2021 was $(0.1 million), or $(0.01) per share, compared to adjusted net income of $1.6 million, or $0.08 per share, for the first quarter of 2020.
Steve Filipov, CEO of Manitex International commented,
“Our first quarter results were in-line with our expectations and reflect increased net sales and adjusted EBITDA,” said Steve Filipov, CEO of Manitex International. “Our backlog has grown consistently over the past several quarters, evidence of a healthy recovery in demand in many of the markets that our products are uniquely suited for, and has surpassed $100 million, giving us confidence that we will achieve a year of growth in 2021. To put that in perspective, just slightly over a year ago, we reported a backlog of $57 million, and thus, we’re pleased with the progress that our global sales team is making. We recently announced $1.7 million in follow-on orders for PM cranes from a large international military entity as originally announced in the third quarter last year.”
He said that while the backlog indicates a healthy level of demand in each product category, there remain challenges with respect to logistics, supply chain, and input pricing that are typical at the early stages of a recovery.
“We will aim to work closely with our customers to collectively address the cost increases, protect our margins, and effectively manage our working capital,” Filipov said. “Given the visibility we have for acceleration in our sales and a more favorable product mix in the backlog, we anticipate progressively higher EBITDA and EBITDA margins throughout the year as we move towards our target of double-digit EBITDA margins. Our balance sheet, with net debt of $31 million, is in good shape, and our cash and availability of approximately $28 million also positions us well for growth.”