Manitex International, Inc. announced first quarter 2018 results. Net revenues for the first quarter were $56.7 million, compared to $40.1 million in the prior year’s period*, and net loss from continuing operations attributable to shareholders of Manitex was $(1.5) million, or $(0.09) per share, compared to a net loss from continuing operations attributable to shareholders of Manitex of $(3.3) million, or $(0.21) per share, in the first quarter of 2017*. Adjusted net income** from continuing operations in the first quarter 2018 was $0.8 million, or $0.05 per share, compared to adjusted net loss of $(2.3) million, or $(0.14) per share, for the first quarter of 2017*.
*All references in this release to financial results of periods ending prior to the third quarter of 2017 reflect such results as restated pursuant to the recently completed restatement of such periods.
“In the quarter we saw a 41 percent improvement in sales, driven by strengthening global demand across our product lines and geographies, led by Manitex straight-mast cranes, where we estimate our market share has risen from 39 percent at the end of last year, to over 50 percent,” commented David J. Langevin, Chief Executive Officer of Manitex. “Gross margins were closer to our 20 percent-plus target, but legal and accounting expenses of approximately $1.0 million related to our restatements were a significant drain of earnings and an offset to the benefits of the sales increase and other improvements to margins and produced a net loss for the quarter. A backlog of over $85 million and continued positive order flow in April gives us visibility for higher sales throughout the year, and we’re targeting significant gross and EBITDA margin improvements as well. We are positioned to benefit from manufacturing throughput and efficiency gains, as well as repricing actions already implemented to offset steel cost increases, to get us to sustainable profitability, with EBITDA margins of 10 percent, likely by the end of the year. Recovery fundamentals in the industrial equipment market and for our company look strong, and we’re working hard to take advantage of the opportunities that are available to us.”
Steve Kiefer, President and Chief Operating Officer of Manitex said, “During the first-quarter of 2018, we saw an increase in orders, industry activity and market share in each of our key product categories. Our book to bill ratio in the first quarter increased to 1.44 versus 1.25 in the fourth quarter of 2017, and orders for our PM knuckle-boom cranes again represented a significant portion of our growing backlog. From a product and end-market perspective, the recovery in the straight mast crane market strengthened during the first quarter with industry orders reaching a level not observed since the 2012 – 2014 period, and early indications are that the trend is continuing into Q2. We also began initial shipments of the A62 truck mounted aerial work platform and trolley boom loader during the quarter.”