Manitex International releases latest financial results
By Hannah Sundermeyer11 August 2022
Manitex International, an international provider of truck cranes, specialized industrial equipment and construction equipment rental solutions, announced results for the second quarter of 2022.
Net sales increased 15.9 percent to $69.6 million, compared to $60.0 million in the second quarter of 2021 and net loss was $2.1 million, or $(0.10) per diluted share. Adjusted net income for the second quarter of 2022 was $1.1 million, or $0.05 per share. The Adjusted EBITDA increased to $5.2 million, or 7.4 percent of net sales compared to $4.2 million, or 7.1 percent of net sales in the second quarter of 2021 and compared to $2.7 million, or 4.5 percent of net sales in the first quarter of 2022.
“We reported stronger net sales, a healthy increase in backlog and margins that are trending higher and continue to progress towards previously stated financial objectives,” said Michael Coffey, CEO of Manitex International. “We remain encouraged that much of the persistent inflationary pressures and other supply chain challenges in 2022 have been offset by more favorable pricing, cost reductions and efficiency gains that we’ve implemented. We are pleased with the progress we’ve made, and we believe there is more to come. Recovering industrial markets, a robust order book, with bookings slightly outpacing sales and other indicators of operating improvement are all providing us with confidence in a strong finish to the year and into 2023, with growth throughout each of our product categories.”
Manitex International acquired Rabern Rentals in April, and as a result Coffey reported that it delivered strong results in the quarter, with sales that are well ahead of last year.