Manitex International Reports Third Quarter 2024 Financial Results

Manitex International, Inc. (NASDAQ: MNTX) recently announced its unaudited financial results for the third quarter ended September 30, 2024. The company reported a net revenue of $66.5 million for the quarter, showcasing a 6.7% decrease from the same period last year. Despite challenges in aerial work platforms and chassis sales, the Rental Equipment Segment revenue saw growth due to increased end-market demand and rental fleet investments.

The gross profit for the third quarter was $16.0 million with a gross margin of 24.1%, showing a slight decrease of 3.4% from the previous year. Manitex recorded an adjusted net income of $1.8 million, or $0.09 per diluted share, for the quarter. Adjusted EBITDA stood at $8.5 million, making up 12.8% of sales.

Looking at the impending acquisition, Manitex is set to be acquired by Tadano, Ltd. for an all-cash deal valued at $123 million. Under this agreement, Manitex’s shareholders will receive $5.80 in cash per share. The acquisition is anticipated to conclude in the early part of the first quarter of 2025, pending shareholder and regulatory approvals.

Due to the acquisition, Manitex will not be hosting a conference call to discuss these financial results and will not be providing financial guidance. The company referenced non-GAAP financial measures in its report, with a reconciliation of these measures provided in the press release.

Manitex International, a well-known provider of industrial lifting solutions and construction equipment, operates through brands such as Manitex, PM, Oil & Steel, Valla, and Rabern Rentals. For detailed financial statements and additional information, interested parties are encouraged to access the company’s official website or the SEC’s public database.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Manitex International’s 8K filing here.

Manitex International Company Profile

Manitex International, Inc provides engineered lifting solutions in the United States, Italy, Canada, Chile, France, and internationally. The company designs, manufactures, and distributes products that are used in various industries. It also offers boom trucks, truck cranes, and sign cranes products primarily for use in industrial projects, energy exploration, and infrastructure development comprising roads, bridges, and commercial construction; and truck-mounted aerial platforms.