The following is a summary of the Manitex International, Inc. (MNTX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Manitex reported Q1 revenue of $73.3 million, marking an 8.1% increase driven mainly by U.S operations.

• Gross profit margin increased to 23.0%, with a 17% Y-o-Y increase in gross profit to $16.9 million.

• Adjusted EBITDA of $8.4 million, reflecting a growth of more than 33% from the same period last year, indicating strong operational efficiency.

• Net income was $2.3 million while adjusted net income was $3.4 million.

• Manitex's Lifting Equipment and Rental equipment segments reported increased revenues buoying their business performance.

• Forecast for 2024 includes a revenue ranging between $300-310 million and adjusted EBITDA of $30-34 million.

Business Progress:

• The company's new growth strategy, Elevating Excellence, is surpassing milestones, leading to revenue growth and margin expansion.

• The company has launched the PM 70.5 articulated truck mounted crane and is expanding the PM Group portfolio in North America.

• Manitex has seen a decrease in backlog, which shows an improvement in their production speed.

• Expansion efforts in North Texas have contributed to a $7 million increase to the rental fleet.

• Opened a successful new branch in Lubbock, due to strong market performance and customer relations, further growth is anticipated.

• Manitex intends to capitalize on positive trends by forward budgeting, intending presence at investors conferences for networking and growth opportunities.

More details: Manitex International IR

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