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Investor Relations14 Oct 2025
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Manitex International (MNTX) investor relations material
Manitex International Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary7 Nov, 2024
Executive summary
Manitex International entered into a definitive agreement to be acquired by Tadano Ltd. in an all-cash transaction valued at $122 million equity and $223 million total, including debt; shareholders to receive $5.80 per share, with closing expected in Q1 2025.
Net revenues for Q3 2024 were $66.5 million, down 6.7% year-over-year, primarily due to lower aerial platform and chassis sales, partially offset by higher rental revenue.
Net income attributable to shareholders for Q3 2024 was $0.4 million ($0.02 per share), down from $1.7 million ($0.08 per share) in Q3 2023.
For the nine months ended September 30, 2024, net revenues increased 1.6% to $216.1 million, and net income attributable to shareholders nearly doubled to $4.2 million.
Backlog declined to $97 million at September 30, 2024, from $170 million at year-end 2023.
Financial highlights
Q3 2024 gross profit was $16.0 million (24.1% margin), slightly down from $16.6 million (23.3% margin) in Q3 2023.
Operating income for Q3 2024 was $4.4 million, down 14.4% year-over-year; nine-month operating income rose 30.5% to $14.5 million.
Q3 2024 SG&A expenses decreased to $9.9 million, reflecting lower stock compensation, salary, and insurance costs.
Transaction costs of $1.0 million in Q3 2024 related to the pending merger.
Interest expense increased to $2.1 million in Q3 2024 due to higher utilization of working capital facilities.
Cash, cash equivalents, and restricted cash totaled $4.5 million at September 30, 2024, with global liquidity of approximately $30 million.
Outlook and guidance
The company expects cash flows from operations and existing credit facilities to be adequate for future operations, but notes that additional funding may be needed if revenues increase significantly.
Uncertainties related to the pending merger, economic conditions, and industry factors could materially impact future results.
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Frequently asked questions
Manitex International Inc. specializes in engineered lifting solutions, catering to a diverse clientele that includes commercial, military, and governmental sectors globally. The company's portfolio encompasses a wide range of lifting equipment, such as boom trucks, truck cranes, and sign cranes, which find applications in industrial projects, energy exploration, and infrastructure development, including roads, bridges, and commercial construction. Additionally, Manitex International produces rough terrain cranes and material handling products, along with truck-mounted hydraulic knuckle boom cranes. These products are distributed through a network of dealers and rental channels. Manitex International is headquartered in Bridgeview, Illinois, and its shares are listed on the Nasdaq.
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