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, Inc. (NASDAQ:MNTX) announced participation in the 33rd Annual Roth Conference from March 15-17, 2021. CEO Steve Filipov and CFO Joe Doolan will hold one-on-one meetings throughout the event.
The conference will take place virtually, with attendees encouraged to request meetings via the Roth online platform. Manitex specializes in mobile cranes and industrial equipment, focusing on niche markets with unique designs and engineering excellence.
Manitex International (NASDAQ:MNTX) reported a significant backlog growth, reaching approximately $82 million as of January 31, 2021. This marks a 34.7% increase from $50.5 million in September 2020. The surge is mainly attributed to the PM Group's articulated cranes and aerial products, which saw a 100% rise in backlog since Q2 2019. Management anticipates higher revenues and margin improvements due to a favorable product mix. Despite the ongoing risks related to COVID-19, the company expresses optimism for growth in 2021.
Manitex International (NASDAQ:MNTX) announced the full repayment of $15.5 million in convertible notes due in December 2020 and January 2021, plus $2 million in European term debt. Funded by $7.8 million in revolver draws, this move is aimed at improving liquidity and financial stability amid the pandemic's challenges. The company expects to reduce net debt to around $30 million by December 31, 2020, the lowest in a decade. Manitex also reported a solid cash position of approximately $30 million and highlighted the benefits from amendments to their US revolving credit facility.
BRIDGEVIEW, IL / ACCESSWIRE / December 29, 2020 - Manitex International, Inc. (NASDAQ:MNTX) announced approximately $2.0 million in orders for new articulated work platforms from European customers, including multinational power company Enel. Deliveries are set to start in the first half of 2021. The orders involve various configurations of the Oil & Steel "O&S" Snake and Snake Plus platforms, with potential for follow-on orders and service provisions. CEO Steve Filipov expressed enthusiasm about these orders, highlighting the product's strength and utility in power and construction sectors.
Manitex International reported third-quarter 2020 results, with net revenues of $36.5 million, down from $50.6 million in Q3 2019. A net loss of $(1.4) million was recorded, less than the $(4.5) million loss in the previous year. Adjusted EBITDA improved to $0.9 million, reflecting a $1.3 million increase from Q2 2020. The company achieved significant backlog growth of 28% since June 30, 2020, totaling $56.6 million. Cash and credit liquidity stands at approximately $41 million, enabling debt repayments. Revenue guidance for Q4 2020 ranges from $40 million to $43 million.
Manitex International (Nasdaq:MNTX) plans to announce its Third Quarter 2020 financial results on November 5, 2020, prior to market opening. CEO Steve Filipov will lead a conference call at 8:30 AM ET to discuss these results with investors. Interested participants can call 800-952-1438 (U.S.) or 312-429-0433 (internationally). A replay will be available until November 12, 2020. Manitex specializes in mobile cranes and industrial equipment, targeting niche markets with engineered products.
Manitex International, Inc. (NASDAQ:MNTX) has appointed Joseph Doolan as Senior Vice President and Chief Financial Officer, effective October 20, 2020. Doolan, a CPA with 25 years of experience in senior financial roles, previously served as VP of Finance at UCI-FRAM, Inc. and held key positions at various financial services firms. CEO Steve Filipov praised Doolan’s technical expertise and leadership. His predecessor, Laura Yu, resigned on October 2, but will remain in a consulting capacity to aid the transition.
Manitex International (NASDAQ:MNTX) has secured a contract valued at $2.5 million from Collé Rental & Sales for Valla electric cranes, marking the largest single Valla order in its 75-year history. The order includes over 30 cranes, featuring electric, zero-emissions models, and will enhance Collé's rental fleet. Collé also has the option to purchase an additional $1.9 million worth of cranes in 2021. This partnership highlights Manitex's focus on sustainable industrial equipment.
Manitex International (NASDAQ:MNTX) announced a $2.5 million contract to supply knuckleboom cranes for an international military entity, with production starting late 2020. An optional $2.3 million is available for additional deliveries. This contract follows a recovery in Manitex's knuckleboom crane segment after COVID-19 delays. The company also expanded its distribution network by adding Atlantic & Southern Equipment and Keystone Crane Services. Both dealers will support Manitex’s product lines, aiming to strengthen its market presence.
Manitex International, Inc. (NASDAQ:MNTX) has successfully completed the sale of its subsidiary, Manitex Sabre, to Super Steel, LLC for $1.5 million in cash, along with potential royalties approximating $2.9 million based on future Sabre revenues. The transaction, which closed on August 21, 2020, supports Manitex's strategy to focus on core crane businesses and improve its financial position. Cash proceeds will be directed towards debt repayment, and a modest gain from this sale is expected in Q3 and Q4 2020 financial reports.
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