Welcome to our dedicated page for Manitex International news (Ticker: MNTX), a resource for investors and traders seeking the latest updates and insights on Manitex International stock.
Manitex International, Inc. (Symbol: MNTX) is a prominent North American manufacturer specializing in engineered lifting equipment within the expansive $110 billion U.S. industrial machinery industry. The company's core business focuses on the design, manufacture, and distribution of a diverse range of lifting solutions.
Under the Manitex division, the company is a formidable contender in the $400 million North American boom truck market. The Manitex family encompasses a variety of products, including boom trucks, SkyCrane aerial platforms, sign cranes, and USTC trolley boom products.
The Manitex Liftking division delivers a comprehensive array of rough terrain forklifts, specialized carriers, heavy material handling transporters, and steel mill equipment. These products serve both commercial and military markets, cementing the company's reputation for versatility and reliability.
In addition to its primary products, Manitex International also offers a wide range of support services, such as replacement parts, service support, and training programs. This commitment to after-sales service ensures that customers receive the utmost value from their investments in Manitex equipment.
Manitex International operates through two main segments: Lifting Equipment and Rental Equipment. The Lifting Equipment segment is the primary revenue driver, contributing significantly to the company's financial health. Geographically, the United States remains the dominant market for the company's products.
Recent achievements for Manitex International include advancements in parts ordering and tracking systems, further enhancing customer satisfaction and operational efficiency. The company continues to innovate and expand its product offerings to meet the evolving needs of the industrial machinery sector.
Manitex International has appointed Richard Mills as President of Manitex North America, overseeing North American manufacturing and product distribution operations. Mills brings over 30 years of experience in manufacturing and executive leadership, with a focus on OEM specialty equipment. The re-alignment aims to enhance operational excellence, improve production velocities, profitability, and cash flows in response to a growing demand-driven backlog. CEO Michael Coffey emphasized the importance of unified strategy and collaboration for reaching their global productivity and margin objectives.
Manitex International, a global provider of mobile cranes and industrial equipment, has secured a $3 million continuation order for articulated cranes from an international military agency. This follows a successful previous delivery, showcasing customer confidence in Manitex's products. With a backlog of $214 million as of June 30, 2022, the company expects favorable performance metrics in 2022 compared to 2021, and anticipates continued growth into 2023. The cranes will be assembled in Texas, utilizing supplies from its facilities in Italy and Romania.
Manitex International (Nasdaq:MNTX), a provider of truck cranes and industrial equipment, announced CEO Michael Coffey's participation in the Sidoti September Small-Cap Virtual Conference on September 21-22, 2022. Coffey will present at 10:45 am ET on September 21. Investors can book one-on-one meetings via the Sidoti conference portal. The group presentation will also be available on Manitex's Investor Relations site.
Manitex International, Inc. (Nasdaq:MNTX) will report its second quarter 2022 results on August 9, 2022, after market close. CEO Michael Coffey will lead a conference call at 4:30 PM ET to discuss these results. Interested participants can call 877-758-1913 (US) or 212-231-2928 (international). A replay will be available by calling 844-512-2921 (US) or 412-317-6671 (international) with the passcode 22020119. The call will also be streamed live online with slides, accessible for 90 days on the company’s website.
Manitex International, Inc. (NASDAQ:MNTX) has commenced deliveries of approximately 200 Oil & Steel aerial work platforms to Enel, LLC, an electricity provider in Rome, Italy, under a previously announced contract worth $15 million. This delivery marks a significant milestone for Manitex's Italian operations. Giovanni Tacconi has been promoted to Managing Director of Manitex Italy, effective July 1, 2022. His leadership has contributed to the growth of PM Oil & Steel, which constitutes over 50% of the company's consolidated backlog, totaling $206 million as of May 8, 2022.
Manitex International, Inc. (NASDAQ:MNTX) announced that CEO Michael Coffey has been appointed to its Board of Directors. Since becoming CEO in April 2022, Coffey has spearheaded the acquisition of Rabern Rentals, aligning with the company's strategic growth initiatives. He brings over 25 years of experience in rentals, manufacturing, and operations management, and has held senior roles globally. Executive Chairman David Langevin expressed confidence in Coffey's vision, aiming for enhanced growth and financial performance.
Manitex International reported a strong first quarter of 2022 with net sales of $60.4 million, up 28% from the previous year. The company achieved net income of $0.2 million, reversing a loss of $0.8 million from Q1 2021. Adjusted EBITDA rose to $2.7 million, representing 4.4% of net sales. A notable backlog of $206 million reflects a 145% increase year-over-year. The recent acquisition of Rabern Rentals is expected to contribute positively to EBITDA starting Q2 2022.
Manitex International, Inc. (NASDAQ:MNTX) plans to report its first quarter 2022 results on May 4, 2022, prior to market opening. Following the announcement, CEO Michael Coffey will host a conference call at 11:00 AM ET to discuss the results with investors. Interested participants can join via phone or access a live broadcast and replay on the company's website. Manitex specializes in engineered mobile cranes and industrial equipment, with strategic manufacturing sites in the USA and Europe.
Manitex International (NASDAQ:MNTX) has acquired 70% of Rabern Rentals for $25.9 million, funded by a new $85 million credit facility. This acquisition is expected to double the company's annualized EBITDA, significantly boosting its margins. Rabern Rentals reported $21.5 million in revenues and $8 million in EBITDA for 2021, operating 1,700 machines across Texas. Additionally, Michael Coffey has been appointed CEO, bringing over 25 years of experience in heavy equipment rentals and operations.
Manitex International (NASDAQ:MNTX) reported fourth-quarter net sales of $53.4 million, an 18.2% increase from $45.2 million in Q4 2020. However, gross profit declined to $4.7 million from $8.4 million due to $3.2 million in asset impairment charges and supply chain issues. The company experienced a net loss from continuing operations of $8.1 million, or $(0.40) per diluted share. For full-year 2021, net sales rose to $211.5 million from $167.5 million, yet the net loss narrowed to $4.6 million. Backlog increased 66.4% sequentially to $189 million. Total liquidity improved to $37.6 million.
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