Manitex releases Q1 financial results

By Hannah Sundermeyer08 May 2020

Manitex International, a leading international provider of cranes and specialized industrial equipment, has announced first quarter 2020 results. According to Steve Filipov, CEO of Manitex International, the team delivered another solid quarter in what continues to be a very challenging business environment.

Manitex

Net revenues from continuing operations for the first quarter were $48.7 million, compared to $53.1 million in the fourth quarter last year, and net loss from continuing operations was $(7.0) million, or $(0.36) per share, of which $(0.38) was attributable to a $6.7 million non-cash charge related to goodwill and intangible asset impairment.

This compares to a slight loss, or $(0.00) per share in the fourth quarter of 2019. Adjusted net income from continuing operations in the first quarter 2020 was $1.6 million, or $0.08 per share, compared to $1.3 million, or $0.07 per share, for the fourth quarter of 2019.

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Photo Credit: scalefactor.com

“The dedicated team at Manitex worked hard to address the needs of our customers and dealers in the first quarter, which was subject to a not insignificant disruption with the global outbreak of Covid-19,” said Steve Kiefer, president and chief operating officer, Manitex. ”Thanks to our multi-year diversification strategy, our products currently serve a diversified array of end-markets, supporting critical infrastructure needs. Energy sector net sales now represent less than 10 percent of our total sales, and our participation in critical market segments such as telecom, electrical utility, military and construction continues to increase.”

Operating Highlights:

  • PM Group hits record sales and profitability
  • COVID-19 financial impact of $3 million in revenues due to shut downs
  • CONEXPO orders of $2 million
  • Backlog which was $57 million as of March 31, 2020, declined 12 percent
  • Book to bill ratio was 0.83:1 in Q1 2020
  • Sabre classified as “Discontinued Operation” in Q1 2020 and subsequent financial reports until a transaction is completed
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