Manitex International, Inc. (MNTX) research, news, and more from GeoInvesting

Company description

Tue, 03 Jun 2008 04:00:00 GMT

Manitex International, Inc. is a leading provider of engineered lifting solutions including boom trucks, cranes, rough terrain forklifts, and special mission oriented vehicles. Through our subsidiaries, we manufacture and market a comprehensive line of boom trucks and sign cranes. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. The Manitex Liftking subsidiary, which includes the Noble forklift product line, manufactures and sells a complete line of rough terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking's rough terrain forklifts are used in both commercial and military applications.

Research

Fri, 08 Feb 2019 17:07:17 GMT

Adding MNTX to Our Mock Takeover Candidate Portfolio

We are adding Manitex International, Inc. (NASDAQ:MNTX) ($7.57, $148.5m market cap) to our Mock Takeover Portfolio based on a 13D from Tadano, the largest Japan-based manufacturer of cranes and aerial work platforms. The company is the seventh largest crane manufacturer in the world. In June 2018, Tadano established a 14.9% stake in MNTX.

Research

Fri, 04 Aug 2017 14:23:05 GMT

Ex-GB $MNTX ($7.38) reported improved Q2 2017results:

Sales of $51.6 million vs $48.7 million in the prior year and ahead of analyst estimates of $44.3 million
Adjusted EPS of $0.06 vs a loss of $0.01 in the prior year and well ahead of analyst estimates of a loss of $0.02

Quotes from management:

“The increased order rate that began at the end of 2016 enabled us to achieve much improved results from top to bottom in the second quarter of 2017. While there remains much work to do to optimize our production and margins, we are optimistic that this year represents the beginning of a healthy uptrend for our markets and Manitex as we are well-positioned to execute our plan. In May we took another step forward in our debt reduction program by selling approximately half of our holdings in the ASV joint venture and using the proceeds from this transaction to pay down debt. Our reduced ownership percentage enabled us to deconsolidate the ASV debt from our balance sheet, and together with proceeds and cash generation, we have reduced total debt to under $100 million...

... Given the long-awaited recovery of the order book that we continue to enjoy, we expect that the third quarter will show further improvement in our results. We anticipate that additional cost reductions implemented in the second quarter will continue to enhance our margins through the rest of this year, incremental to the one million dollars in cost savings we’ve achieved in our General and Administrative expenses to date. Our outlook remains positive as supported by discussions with our customers and we look forward to a strong close to this year and continuing into 2018,”

MNTX was an ex-GeoBargain that we removed in the spring of 2016 as the industry was battling headwinds, but we stated that we thought the long term prospects remain attractive.

Research

Fri, 12 May 2017 16:25:39 GMT

MNTX ($7.07) announced that it has priced its sale of 2 million shares of ASV Holdings in an underwritten public offering.

“Manitex will receive net proceeds of approximately $13 million, and after the sale, will retain a minority ownership interest in ASV of 2.1 million shares.

Manitex will use the proceeds of the sale to repay debt. In addition, and as previously reported, as a result of this transaction, ASV will no longer be included in Manitex's consolidated financial statements. This deconsolidation, together with Manitex's debt repayment will result in a total reduction in Manitex debt of approximately $56 million.”

MNTX was an ex-GeoBargain that we removed in the spring of 2016 as the industry was battling headwinds, but we stated that we thought the long term prospects remain attractive.

Research

Wed, 28 Dec 2016 16:10:39 GMT

MNTX ($7.47) - Yesterday during the trading day, MNTX announced the sale of its CVS Ferrari subsidiary for $5 million in cash and the assumption of $14 million of CVS debt. Quotes from management:

"The divestiture of CVS is another important step forward in our corporate program to focus our resources on our higher margin core lifting businesses and to reduce the Company's indebtedness which remain our top corporate priorities heading into 2017. CVS is a solid strategic fit with the Purchasers and this transaction should be of substantial benefit to all parties. We are deeply appreciative of the efforts of the entire CVS team and are confident that Purchasers will be an excellent owners and operators of this business."

This morning MNTX announced it has refinanced its ASV joint venture.

“We are excited to announce the successful refinancing of ASV, which provides an immediate benefit of lower interest cost, expected to be approximately $1.0 million on an annual basis, and establishes a more flexible facility as we enter 2017, the third year of our operation as an independent Joint Venture. This is a key action to strengthen our financial position and support the future growth of our business. The interest cost savings we secure from this refinancing will be used to repay Term Debt at a faster rate than under our prior agreement, thereby accelerating our deleveraging."

For more color on MNTX’s recent divestitures and business turnaround, see a Seeking Alpha article posted this morning by Stephen Simpson titled, “Manitex Waiting For The Tide to Change”.

Research

Thu, 22 Dec 2016 16:43:56 GMT

MNTX ($6.75) - ICYMI, shares of MNTX surged in yesterday’s trading session, rising 22% on the heels of a business update release with bullish comments for 2017. Our tweet from yesterday morning:

While we removed MNTX from the GeoBargain list in the spring of 2016, we thought patient long term investors would be rewarded if they stuck with MNTX. It seems the company is possibly back on the right track. Management stated:

“As we approach year end, we now note that the backlog for straight mast cranes in the fourth quarter to date has doubled since the third quarter and management anticipates ending the fourth quarter with a book to bill ratio for straight mast cranes exceeding 1.0.

We are particularly encouraged to see growth in orders from dealers who are replenishing decreased inventory levels as they respond to improving market activity.

David J. Langevin, Chairman and CEO, commented, "The downturn we've weathered
We are cautiously optimistic about the trend of increased opportunities in the marketplace that have the potential to drive improved financial results as we head into 2017.”

Research

Tue, 06 Dec 2016 15:57:53 GMT

We will be reaching out to $MNTX ($5.43) management today as it has been left behind in the Trump Rally which has pushed competitor shares higher since the election. The company markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling, and sign construction and maintenance. Using November 8, 2016 as the benchmark date, MNTX’s competitors NEFF, CAT and DE performed as follows:

$NEFF ($14.70), +63%
$CAT ($94.45), +12%
$DE ($101.41), +13%

In comparison, MNTX’s shares have moved little more than 3%.

The company’s biggest hurdle is the process of selling off assets to pay down high debt levels accumulated through underperforming acquisitions.

Analyst EPS estimates for MNTX have recently been lowered for fiscal 2017 to $0.09 from $0.21.

Research

Thu, 10 Nov 2016 16:02:48 GMT

MNTX ($5.46) reported Q3 2016 results:

Sales of $74.1 million vs $84.5 million in the prior year and below analyst estimates of $83.5 million
Non-GAAP EPS $0.05 vs a loss of $0.04 and ahead of analyst estimates of a loss of $0.07

On October 28, 2016 we stated that after meeting with management at the Micro Cap conference in Philadelphia, a bullish long term thesis may be intact. See our full note here.

While Q3 shows another quarter of business being slow, the company states it is beginning to see signs of a recovery.

“Although our order rate remains at depressed levels, there are signs that some level of recovery may be ahead as our quote rate has progressively increased over the last few months.”

Research

Fri, 28 Oct 2016 18:25:28 GMT

MNTX ($5.34) provides lifting and loading products worldwide. As many of you know, MNTX is not a new name for us. We have been tracking the story for many years. On its first go around as a GeoBargain in 2012 the stock returned 100% in 4 months. While we re-coded MNTX a GeoBargain in 2015 based on acquisitions and strong analyst estimates, the industry began to face major headwinds and shares struggled. We removed MNTX from the GeoBargain list in the spring of 2016, but we thought the long term prospects remain attractive.

After meeting with management at the Micro Cap conference, our bullish long term thesis remains intact. We feel it's only a matter of when, not if for the company to regain positive growth trends and add shareholder value. Here are the key take aways from our one on one sit down with management:

Aggressive debt reduction plan through the sale of assets is on schedule
It appears that the industry and company financials are in the bottom of a typical “trough to peak cycle.”
European operation (PM) has significant room for margin expansion
PM expansion in U.S. and higher margins than are being experienced in Europe

We still view MNTX with some uncertainty at this time.

Disposal of Assets

Mon, 03 Oct 2016 13:49:04 GMT

BRIDGEVIEW, IL--(Marketwired - Oct 3, 2016) - Manitex International, Inc. (NASDAQ: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced that it has sold its Liftking subsidiary to a newly formed subsidiary of Mi-Jack Products Inc., ("Mi-Jack") for $14.0 million. Mi-Jack, based in Hazel Crest, IL, is a privately-held manufacturer and service provider for rubber and track mounted gantry cranes and industrial cranes in support of the Intermodal and Industrial markets.

The transaction, which closed September 30, 2016, yielded net cash proceeds of approximately $13.3 million to Manitex International, Inc., which the Company will use for further pay downs of its North American bank debt. Trailing 12 months (TTM) revenue and EBITDA for Liftking were approximately $18 million and $2 million, respectively. Liftking was originally acquired by Manitex International in November 2006 for consideration of $7.1 million.

David J. Langevin, Chairman and CEO of Manitex International, Inc., commented, "The divestiture of Liftking is another important step forward in our corporate program to focus our resources on our higher margin core lifting businesses and to reduce the Company's indebtedness which remain our top corporate priorities this year and heading into 2017. Liftking is a solid strategic fit with Mi-Jack and this transaction should be of substantial benefit to both parties. We are deeply appreciative of the efforts of the entire Liftking team and are confident that Mi-Jack will be an excellent owner and operator of this business."

In connection with the closing of the transaction Manitex International will record in its third quarter results certain allocated non-cash charges for goodwill and intangible assets relating to the disposal of a portion of its Lifting segment, and an impairment of its investment in Lift Ventures, a joint venture Company that distributes certain remaining inventory of former Liftking and former Load King products. These charges are expected to be in approximate ranges of $6.5-$7.0 million and $5.5-$6.0 million, respectively.

Research

Mon, 09 May 2016 14:49:38 GMT

GeoBargain MNTX ($6.50) reported its Q1 2016 results on May 6, 2016. While the Company managed to beat both top and bottom line analyst estimates, sales only grew by 1.3% and non-GAAP EPS was down compared to prior year period. MNTX has been hampered by the sluggishness in the sector (earth moving products). The company stated:

“At the present time, we see the North American market for straight mast cranes continuing at low levels. However, based upon the order rate in the market for the first quarter, we may have seen the bottom.”

MNTX does not currently meet our GeoBargain valuation criteria, but will keep a close eye on the Company as estimates and growth can rapidly change to the upside if oil prices rise or stabilize. We had high hopes for MNTX. On its first go around as a GeoBargain in 2012 the stock returned 100% in 4 months. Unfortunately, this time around MNTX turned out to be a great disappointment.

Comments & Business Outlook

Fri, 06 May 2016 16:09:04 GMT

MNTX ($6.63) reported first quarter 2016 financial results:

Net revenues were $102.4 million vs $101.0 million, an increase of 1.3% year over year. Beat analyst estimate by $8.55 million.
Non-gaap EPS was $0.02 vs $0.10 in the same period last year. Beat analyst estimate by $0.03.

Management commentary:

"We started the year off at a reasonable level in light of continued market sluggishness in our sector. At the present time, we see the North American market for straight mast cranes continuing at low levels. However, based upon the order rate in the market for the first quarter, we may have seen the bottom. Further, while the global markets for industrial equipment are running at such low levels, we have the opportunity at this time to concentrate on the stated goals that we outlined in our annual earnings release, namely to execute on our cost reduction programs throughout our company, continue to integrate PM, expand ASV branded distribution, refocus our product line to our higher margin businesses and to continue to reduce debt.

"We are carefully managing our balance sheet and capital resources, and while we reported a total debt at the end of the quarter that was up from year end, it is important to note that this represents a temporary increase in our working capital lines to bridge a $23 million increase in receivables and relatively flat inventory on $8.9 million in higher sales. We have paid down the entirety of our term debt from the PM acquisition in just one year, which represents a portion of the $6.7 million in overall term debt paid down in the quarter and we expect further working capital improvements, net debt reductions, and improved cash conversion throughout the coming year. We believe that successful execution of our strategy, as outlined above, will drive growth of our highest margin products, achieve stronger cash generation, improve our balance sheet, and yield significant returns to our shareholders."

Comments & Business Outlook

Fri, 11 Mar 2016 19:53:31 GMT

Fourth Quarter 2015 Results

Sales of $93.5 million vs $62.3 million in the prior year period
Net loss of $0.11 vs EPS of $0.16 in the prior year

Chairman and Chief Executive Officer, David Langevin, commented, "As you all are aware, the heavy equipment industry in 2015 has experienced a severe drop off in sales particularly in the energy sector. We have explained previously that the effect of this decline is compounded by the resale, at low prices, of this multi-use equipment, just recently purchased by companies in the energy sector. Facing this reality, we made the conscious decision that our Company's long term interests would be best served by improving our balance sheet by aggressively reducing debt, even at the expense of current earnings. Thus, during the year, and particularly in the fourth quarter, we took decisive steps to achieve this goal. We sold inventory at margins which, in normal times, would have been unacceptable, we divested one of our historically underperforming and non-strategic subsidiaries, we reduced workforce, and restructured operations and facilities. This resulted in a $45 million reduction in our total debt and the near elimination, at this point in time, of the $14 million term debt taken in January 2015 to acquire PM Group. In so doing, we incurred charges that resulted in a significant loss for the year while other factors such as currency translation, also impacted our results."

Mr. Langevin, continued, "We significantly reduced our debt in the fourth quarter by $20 million which resulted in a debt reduction of $45 million for the full year, which as noted above was our key priority for 2015. The debt pay down in 2015 was enabled by almost $26 million in EBITDA generation, working capital reductions, as well as from the sale of Load King trailers in December which was the first in a series of moves that we identified as part of our strategic plan. This plan calls for the divestiture of certain lower margin, non-crane product lines and other measures to improve our capital allocation and financial profile during 2016 and beyond."

Comments & Business Outlook

Wed, 04 Nov 2015 05:00:00 GMT

Third Quarter 2015 Results

Net revenues increased 46% year-over-year to $96.7 million compared to $66.2 million.
Net income of $0.2 million or $0.01 per share compared to net income of $1.8 million or $0.13 per share.

Quotes from management:

Chairman and Chief Executive Officer, David Langevin, commented, "Our quarterly results reflect continued weakness in our core straight mast crane boom truck markets. However, our strategy to diversify our revenue streams and to pursue a variable cost production model have us well positioned in these volatile markets. We have also seen positive results from our cost control efforts which is reflected in the 18.9% gross margin for the current quarter representing a solid improvement over the 16.5% margin of the same quarter a year ago. Further, our latest addition to our organization the PM Group reported a 13% EBITDA margin for the third quarter and ASV our joint venture company with Terex Corporation added EBITDA at 9.5%. Our integration of PM and the development of the independent ASV distribution network are progressing well, and we are seeing the market for knuckle boom cranes continue to grow.

"Our priorities for this year and next continue to be integration and execution of our new acquisitions along with the strengthening of our balance sheet. To date we have reduced our overall debt by $23.1 million thereby lowering our interest expense and improving our financial position. In addition, we believe we will finish the year strong in this area to further improve our debt ratios."

Comments & Business Outlook

Thu, 06 Aug 2015 16:25:31 GMT

MNTX ($5.97) announced Q2 2015 financial results:

Sales of $105.6 million vs $68.4 million in the prior year and in line with analyst estimates of $105.3 million
EPS of $0.02 vs $0.22 in the prior year and below analyst estimates of $0.08

Our key takeaways from reviewing the release and conference call:

MNTX is facing a very difficult business environment but is hanging in there. Integration of acquisitions is progressing, gross margins are only slightly down and stable, and the company is reducing debt. The company has assembled a diversified business platform that will be well positioned when the market turns.
Last year 2015 EBITDA on a pro forma basis was expected to be around $40 million. Actual performance is more likely to be in the $30 million range. The $10 million erosion is principally due to the energy market.
Energy producers overbought equipment in 2013 and less so in 2014. The idle equipment in the energy patch is finding its way into other markets, notably construction. The CEO expects flow of used equipment to run its course by the end of 2015. Once the idle energy patch equipment is absorbed for non-energy uses, Manitex sales of equipment should improve.
Not counting energy, other markets are doing okay. Construction remains relatively flat and other non-energy markets are stable to growing.
Markets are highly competitive so there is very little to no pricing power. There is also little pressure on commodity and input costs.
CEO’s overall assessment is that this downturn is not as bad as 2008-2010, because companies were leaner coming out of last downturn so there was less overcapacity going into this cycle.

Key priorities are to:

Focus on successful integration of PM and ASV
Review and attack cost structure. Expect to realize $4 million in cost savings this year ($2 million already achieved) and another $15 million over the next three years. More efficient global purchasing will be the key driver of cost savings.
Run a lean operation and aggressively pay down debt
Be poised to capitalize when the business environment improves

While we still feel MNTX will not be in favor in the near term, the long term prospects remain attractive. We are still long and will maintain MNTX as a GeoBargain.

Comments & Business Outlook

Mon, 11 May 2015 04:00:00 GMT

First Quarter 2015 Results

Net revenues increased 69.2% year-over-year to $105.9 million compared to $62.6 million.
Adjusted net income (1)(2) was $1.5 million or $0.10 per share, compared to net income of $1.9 million or $0.14 per share.

Chairman and Chief Executive Officer, David Langevin, commented, "We have brought together an exceptional portfolio of specialized industrial equipment businesses and are making good progress integrating our most recent acquisitions. This was the first quarter in which we have included both ASV and PM Group in our results, and as expected, our financials have changed significantly, with revenues now running at over $100 million per quarter. The opportunity to add PM knuckle boom cranes to our North American assembly operations and market throughout our dealer network remains a top priority for this year and beyond, and we're excited about growing this business. ASV also remains an exciting opportunity for us, with modest improvement in US construction markets expected this year, which will benefit ASV's performance. Given continued global economic softness, we are concentrating our efforts on optimizing our cost structure and allocating resources to our higher margin business units that we believe will drive our future growth."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "During the first quarter we commenced the integration and assimilation of our recent acquisitions into the Company. ASV and PM contributed almost $50 million to our top line and provided additional diversification of product and market to our profile. During the quarter we were very active in the market with our distribution networks and received a very positive reception as we commenced the re-launch of the ASV brand as well as actively promoting the PM knuckle boom crane. Our cost reduction program announced at the end of last year, picked up steam during the quarter and had a positive impact in the quarter helping to offset the gross margin effect of some adverse sales mix, and we are on track to achieve the $4 million goal set for 2015. The recent expansion of the Company through the acquisition of ASV and PM has increased our leverage and we have rapidly attacked our debt, making principal repayments of $2.8 million, including a $1.5 million advance payment in March to satisfy all 2015 principal payments on the PM acquisition term loan. Our objective is continue to pay off debt through working capital improvements during 2015 and beyond, with the objective of returning our balance sheet ratios in time back to our normalized levels."
Mr. Langevin concluded, "Our plan for this year remains to integrate and execute, and this will require continued emphasis on cost containment, integrating our operations, and managing our balance sheet for the benefit of our shareholders. Going forward we would expect to allocate our future cash flows to investing in our higher-margin businesses and paying down our debt to maintain the financial flexibility that has been a hallmark of this company since we first started this in 2006."

Research

Thu, 12 Mar 2015 04:00:00 GMT

Weak Euro Affecting GeoBargain NNBR and MNTX

Although both MNTX and NNBR will be impacted by a weaker Euro, the market seems to be ignoring the positive effect QE in Europe could have on respective operations . Thus, we still like both these companies at current levels, but have to concede that shares may not be as timely options as we would like.

Yesterday, via premium tweet, we stated:

“Believe yesterday's drop in $NNBR of 30% is overdone, as was the case on Q3 2014 numbers before recovering to previous highs.”

Our tweet from November 6, 2014:

“Our newest GeoBargain is $NNBR. We are long. Pull back on Q3 results was, and continues to be, a gift.”

The stock was trading at around $21 at this time and recovered to near $28 prior to Q4 earnings. We believe shares dropped due the company’s forecasted 2015 foreign currency adjusted revenue of $670 million to $690 million, which are negatively impacted by weakness in the Euro vs the Dollar. Analyst estimates were around $708 million before being adjusted to $690 million. We believe the near 30% selloff in shares is overdone given analyst adjusted revenue estimates and the company’s revenue guidance is roughly 3% off prior estimates. EPS estimates also decreased to $1.91 from $2.10, and while certainly not a positive event, it is not an event that should call for a 30% decline in the stock, especially given that 2015 sales and EPS are still expected to grow 41% and 48%, respectively. We believe shares will once again eventually recover, but that some volatility in shares could ensue until the decline in the Euro stabilizes.

In MNTX’s case, the company acquired PM Group S.p.A. ("PM") in January. MNTX reported that PM generated around $100 million revenue and $9+ million EBITDA (based on EBITDA % in line with MNTX’s) in 2014. Many used PM’s estimated revenue and EBITDA for 2014 in US dollar terms as the basis for projecting its operating results in 2015 and beyond. The 2014 estimate, however, was based on a Euro exchange rate of $1.35 which indicates PM generated around 74 million Euros revenues and 7 million Euros EBITDA. If we translate PM’s Euro denominated operating results back to US $ at the current exchange rate of $1.06, the US $ equivalents become revenues of approximately $78 million and EBITDA of $7.4 million, or around $22 million less US $ denominated revenue and $1.6 million less EBITDA. We do not think investors should judge MNTX and its acquisition of PM based on what could prove to be a temporary plunge in the value of the Euro. The real issue is whether PM is a solid and growing business in local currency terms and we believe it is.

In terms of GeoPowerRanking (GPR), NNBR is strong at 4, where MNTX had carried a GPR of 8 just 6 days ago, however, strong EPS comps are now not expected until Q3 2015 where MNTX will have a GPR of 6.

Research

Fri, 06 Mar 2015 05:00:00 GMT

Call to Action Updates

Manitex (MNTX) 2016 Analyst Increase EPS Estimates - Geo Expects Shares To Trend Higher

$MNTX ($11.70) - Now that MNTX’s 2014 financial results have been reported, the Street will quickly shift its attention to 2015 and beyond. We expect MNTX shares to trend higher once the much larger and more diversified company and its future prospects are made clear to the market. With new analyst 2016 EPS estimates and a GeoPowerRanking (“GPR”) of 8 (estimated earnings per share growth of about 25% to 30% for 8 consecutive quarters), we have renewed conviction that if the market’s initial knee jerk reaction to MNTX’s 2014 financial results drive shares down, we will aggressively add to our position.

Yesterday, we stated that if the market is disappointed with MNTX’s Q4 2014 financial results, we would plan to capitalize on weakness in the share price, (provided there are no surprises) by aggressively adding to our position. While it is still uncertain how the market will react to its reported Q4 2014 results, with no pre-market mark up or mark down, one would expect that MNTX’s slight beat on EPS and in-line revenues are what the market anticipated.

Manitex International, Inc. (MNTX) reported its financial results on March 5, 2015.

Non GAAP Q4 EPS was $0.16 vs $0.22 in the prior year but ahead of analysts Q4 2014 EPS estimates of $0.15.
Q4 2014 revenue of $66.9 million vs $65.4 million in the prior year and in-line with analyst Q4 2014 revenue estimates of $66.2 million.
The company ended 2014 with a solid $107 million backlog vs $77 million at the end of 2013.

As we mentioned in yesterday’s update, we were concerned that MNTX may have had a challenging quarter due to the company’s history of not always meeting expectations. Reporting a slight beat and in-line results, coupled with new analyst 2016 EPS estimates of $1.48, adds to our confidence in the story.

The company recently closed two accretive and transformative transactions. On December 22, 2014, MNTX closed a joint venture with industry leader $TEX to become the operator and 51% owner of ASV, Inc. ASV’s revenues and adjusted EBITDA for 2014 are estimated at $130 million and $14.9 million, respectively. MNTX will fully consolidate ASV’s operating results in its financial statements and deduct TEX’s 49% share of net operating income. The ASV transaction was followed by the acquisition of PM Group, S.p.A. on January 15, 2015. PM is estimated to have generated around $100 million revenue and $10 million EBITDA in 2014.

The combination of MNTX, ASV and PM create a $500 million revenue run rate business that will compete in a far broader arena of markets both in terms of products offered and global market footprint. The company will also be much less dependent on any one market sector than in the past leading to more stable and predictable growth.

We do not believe the market has fully factored in the accretive impact of the ASV joint venture and PM acquisition and we are long MNTX.

Research

Thu, 05 Mar 2015 05:00:00 GMT

Plan to Buy MNTX if Shares Dip

If the market is disappointed with $MNTX Q4 2014 financial results, we plan to capitalize on weakness in the share price, (provided there are no surprises) by aggressively adding to our position.

The GeoTeam published a report, Manitex: A Solid and Expanding Foundation For Accelerated Growth, on Seeking Alpha on December 30, 2014. MNTX is expected to report financial results for Q4 and for the full year ended December 31, 2014 after the close on March 5, 2015. The company will host an investors conference call at 4:30 PM EST. Consensus analyst Q4 2014 estimates are:

$0.14 for EPS compared to actual EPS of $0.22 in the prior year.
$66.17 million for revenues vs actual revenues of $65.4 million in the prior year.

We do not have a clear feel on whether MNTX will beat these financials estimates, especially considering the company has missed analyst EPS estimates for the last 3 quarters. However, our bullish thesis on the MNTX story is based on the growth prospects of 2015 due to the anticipated positive impact of two material transactions that closed in late December and early January.

On December 22, MNTX announced it closed a joint venture with industry leader $TEX to become the operator and 51% owner of ASV, Inc. ASV’s revenues and adjusted EBITDA for 2014 are estimated at $130 million and $14.9 million, respectively. MNTX will fully consolidate ASV’s operating results in its financial statements and deduct TEX’s 49% share of net operating income.

MNTX followed up the ASV transaction with the acquisition of PM Group, S.p.A. on January 15, 2015. PM is estimated to have generated around $100 million in revenue and $10 million EBITDA in 2014.

Adding ASV and PM to the mix should make MNTX a $500+ million revenue and $50 million EBITDA company in 2015, nearly doubling 2014 operating results. We do not believe the market has fully factored in the accretive impact of the ASV joint venture and PM acquisition and once the 2014 financial results have been reported, the Street will quickly shift its attention to 2015 and beyond. When that happens we expect shares of MNTX to trade higher.

Comments & Business Outlook

Thu, 05 Mar 2015 05:00:00 GMT

Fourth Quarter 2014 Results

Net revenues of $66.9 million, represented a 2.3% year-over-year increase from $65.4 million.
Adjusted net income (1)(2) was $2.2 million or $0.16 per share, compared to the fourth quarter 2013 net income and earnings per share of $3.0 million and $0.22 respectively.

Chairman and Chief Executive Officer, David Langevin, commented, "While we achieved record net sales and maintained our track record of profitability and ebitda generation even in a difficult equipment operating environment, our Company's biggest achievements in the year were the transactions we consummated, which have positioned us for continued long term shareholder growth. ASV has an excellent track record in serving the housing industry and we believe that there is substantial value that our shareholders will recognize from ASV's contribution, with margins that are higher than ours and exposure to the growing construction market. Further, the PM Group brings to Manitex shareholders a similar opportunity with its product extension in our most profitable crane category and a restructured balance sheet. We welcome the excellent and devoted PM and ASV employees to the Manitex family. The addition of PM and ASV, along with the many other Manitex product brands further establishes Manitex as a premier specialized niche equipment provider serving a broad range of end markets."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "2014 was another year of significant progress for the Company, in an environment that continued to be challenging, particularly in the second half of the year, and where our principal market, boom and truck cranes, was adversely impacted by a slower oil and gas sector and was down approximately 8% year over year. It would not be an overstatement to say that the acquisition of the PM Group and the ASV joint venture with Terex made 2014 a transformational year for Manitex. Consistent with our legacy, we found opportunities to significantly diversify our market and geographic exposures. Operationally, the fourth quarter was an improvement from the third, as our mix of sales improved benefiting gross profit percent which came in at 18.9%, and we started with ASV operations in the last two weeks of the year."

Mr. Rooke continued, "The year was behind the levels of 2013 in terms of our profitability, but we are pleased with our long-term business position and we believe that the underlying fundamentals of our strategy are sound. In closing the two large transactions, PM and ASV, we incurred some additional debt and issued some shares. On the debt side, our projected average debt servicing cost is approximately 6%, which is very favorable for a company our size. That said, we're conscious of this debt and our plan is to pay much of this down with cash flow we generate this year and beyond. Additional acquisition related costs are expected to be charged in the first quarter of 2015, approximating $1.3 million, and beyond that we would expect cleaner quarterly comparisons going forward."

Mr. Langevin concluded, "We believe that 2015 will be another challenging year for the equipment sector in general although we will continue to work hard to achieve our long term growth targets. We are implementing cost saving actions that could save us approximately $4 million this year and approximately $15 million over the next three years. These benefits will assist us in margin protection and we believe we will realize further benefits from production and integration efficiencies as well as new sales opportunities resulting from the PM and ASV additions. We're optimistic that the line of knuckle boom cranes we added form the PM Group could be a very meaningful contributor to orders and to our financial performance in 2015 and beyond, and we believe that ASV will be a significant contributor to long term value enhancement for our shareholders."

Acquisition Activity

Thu, 15 Jan 2015 05:00:00 GMT

BRIDGEVIEW, IL--(Marketwired - Jan 15, 2015) - Manitex International, Inc. (NASDAQ: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced that it has successfully completed its previously announced acquisition of PM Group S.p.A. ("PM") The purchase price of $91 million, which reflects exchange rate changes in effect at the closing, compares to the previously announced price of $107 million, and consisted of cash consideration of $21 million, assumed non-recourse debt of $60 million, and one million shares of Manitex common stock. Financing for the cash portion of the purchase price was provided by Manitex's recently announced new bank credit facilities and the issuance of new convertible subordinated notes to institutional investors.

David J. Langevin, Chairman and CEO of Manitex International, stated, "We welcome PM Group to the Manitex family, and look forward to providing our dealers another exceptional product line to offer to their customers. Knuckle booms cranes have been gradually gaining traction in the North American markets in the past few years and we believe that this is a very exciting opportunity for Manitex and our shareholders. We have already begun the planning process for additional knuckle boom production here in North America, and expect to introduce this exciting new product line throughout our North American dealerships this year. Additionally, we expect to accelerate the distribution of Manitex product through the broad international PM sales network. By our introduction of this product line into the US we expect, over time, to increase the overall PM knuckle boom business above its historical levels. The PM acquisition is expected to be accretive to our net earnings in 2015 and beyond. The addition of PM, together with ASV, our new joint venture with Terex Corporation, positions Manitex to start 2015 at an annual sales run rate of approximately $500 million."

PM based in Modena, Italy is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel, "O&S," is a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. PM had revenues through December 2014 of approximately $100 million with EBITDA margins consistent with those of Manitex International.

Comments & Business Outlook

Thu, 06 Nov 2014 05:00:00 GMT

Third Quarter 2014 Results

Third Quarter Net revenues rose 15.1% to $66.2 million, from $57.5 million in the year ago period.
Third Quarter Net income was $1.8 million, a decrease of $0.8 million from the third quarter of 2013 of $2.6 million. Earnings per share of $0.13 compared to $0.21 from the year ago period.

"Chairman and Chief Executive Officer, David Langevin, commented, "From an operational perspective our third quarter was similar to the second quarter, but, as we expected, with a higher proportion of our production and sales allocated to smaller tonnage cranes and material handling products. Consequently, the product mix negatively impacted our bottom-line for the quarter. As we announced earlier this week, however, we have seen a good rebound in orders for higher tonnage cranes in recent weeks, and we expect that mix and margin improvements in the fourth quarter and beyond to be led by military orders in Liftking and stronger orders for our larger cranes from numerous dealers. Our order book is in good shape at $102 million and in the third quarter had a Book-to-bill of approximately 1.0."

Mr. Langevin continued, "While worldwide demand for capital equipment could be mostly characterized as sluggish, as a niche provider serving diverse markets, we continue to see certain pockets of strength within our product portfolio. And consistent with our history even in a more challenged economic environment, we have taken advantage of opportunities to grow our business, adding new product lines, geographies, and channels to market to ensure our continued long-term growth, while simultaneously seeking out ways to optimize our production and cost structure. We remain on track to close the acquisition of PM Group, which adds over $100 million of profitable revenue to our base of business, and we believe this will be a substantial growth area for us as we take this product through our distribution into the North American markets. We've recently announced the A.S.V., Inc. joint venture with Terex, which also adds profitable revenues of over $100 million that will allow us to participate in a market that is showing signs of early recovery. Upon the closing of these transactions, we expect to enter 2015 as a company with an opportunity to participate in more markets than ever, and achieve revenues in excess of $500 million with significant growth in profits for the benefit of our shareholders."

Comments & Business Outlook

Fri, 07 Mar 2014 05:00:00 GMT

Fourth Quarter 2013 Results

For the quarter ended December 31, 2013 net revenues were $65.4 million, representing a 16% year over-year increase from $56.5 million.
EPSfor the fourth quarter of 2013 was $0.22 per share compared to $0.16 per share for the fourth quarter of 2012,

Chairman and Chief Executive Officer, David Langevin, commented, "We ended 2013 on solid financial footing, with record top-and bottom-line results. While we saw some volatility in market demand throughout the year, we achieved respectable organic growth and also had solid contributions from the acquisitions we made in the year. We are also pleased to report that our backlog in cranes for the start of 2014 is up approximately 50% since year-end, a level that represents our strongest order intake in over eighteen months, and gives us improved visibility for 2014."

"Excluding the two acquisitions we made in the year, our top line grew at a double-digit pace, driven by the strength of the backlog coming into the year, and our record earnings reflect the higher sales and our ability to manage our cost structure throughout the organization. North America remains our most active geographic market, and we've continued to drive execution in an environment in which we are seeing modest economic growth. Despite the fact that crane markets were slightly lower for the year, we achieved growth of 19% year over year in sales and 26% in net income over the same period, with margins consistent with historical ranges. We remain focused on executing our business plan which has been based on our formula of introducing new products and acquiring complementary companies which fit our strategic, product and geographic growth goals to increase our global footprint and market penetration. During 2013 we announced the launch of the first 70 ton crane on a commercial truck chassis, which is an exciting new product that we are featuring at CONEXPO this week. Our most recent acquisition, Valla, SpA, which serves the industrial electric crane market, exemplifies our strategy to acquire a great company that adds a niche product area or brand that we believe will experience above average growth in the future."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "2013 results were positive on several fronts, beyond the top- and bottom-line. The production increase that we implemented at our crane facilities has enabled us to meet demand, which of course, was the driver of our net sales. Along with the $40 million in higher sales, we also saw a 90 basis point reduction in SG&A as a percentage of sales to 10.6%, so margins are steady, despite the challenged economy. And while the higher production and increase in sales took our backlog down to a still healthy $77.3 million, we have seen a nice uptick in orders thus far in 2014. Our 70-ton crane, which we introduced during the year, has the potential to exceed the success of our 50 ton crane which now accounts for over $50 million in revenue, annually. Our balance sheet at December 31 2013 remained in a strong position, as reflected in our current ratio of 2.5, our net debt to capitalization ratio of 36.2%, improved from 44.2% at December 31, 2012, and our interest coverage ratio remained consistent with the prior year at 7.3 times. With EBITDA of $21.5 million for the full year, our debt to EBITDA ratio of 2.5 times is also healthy and gives us flexibility in terms of how we will achieve our growth objectives."

Comments & Business Outlook

Thu, 07 Nov 2013 05:00:00 GMT

Third Quarter 2013 Results

Net revenues of $57.5 million rose 8%, compared to $53.4 million in the prior year's quarter.
The company reported EPS of $0.21 per share, compared to $0.21 per share for the prior year's quarter.

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "The quarter provided a healthy 8% year over year revenue increase, but as anticipated, was slightly below the record numbers achieved in the second quarter of 2013. With a subdued North American economy and with many European economies also under pressure, it was notable that we maintained a healthy order intake in the quarter. Backlog at September 30 was $96.7 million, providing some helpful visibility into the next few quarters. Our underlying performance reflected another solid quarter with gross margin at 19.5% and SG&A as a percentage of sales, including the one-time acquisition costs for Sabre, at 10.2% of sales. Our balance sheet position remains strong, with our debt to trailing twelve month EBITDA ratio of 2.6 times and interest coverage of 6.9 times, both ratios remaining relatively constant since December 31, 2012. We are pleased to welcome the team from Sabre into the Manitex family and look forward to the opportunity to develop that business through expanded distribution and increased presence of the Manitex brands in the domestic energy markets we serve".

Mr.Rooke continued, "In line with our stated strategy to grow both through new product development and through complimentary acquisitions, subsequent to the end of the quarter we reached an agreement in principle, to acquire Valla SpA, a Piacenza - Italy based manufacturer of a comprehensive line of precision pick and carry cranes with lifting capacities from 2.5 ton to 90 ton. Valla cranes are sold through specialized agents and distributors for a variety of end markets such as petrochemical, construction, aerospace and automotive. Although not expected to contribute materially to our results in the immediate term, it has a unique array of highly desirable crane products that complement our niche crane offerings, extending our product portfolio and enhancing our overall market position. Valla reported 2012 annual revenues of approximately $7.5 million and EBITDA of $0.7 million. The Closing, which is subject to the execution of definitive documentation, is expected shortly."

Business Outlook

Mr. Langevin continued, "Our commitment to developing great products that serve specific needs in key markets and pursuit of opportunities to expand into new product line markets through acquisitions, continue to position us well for the future. We are anticipating a strong close to the year in the fourth quarter, as we are set to deliver higher tonnage cranes, railroad cranes and other equipment against our backlog and inventory. Assuming we are able to get everything we have scheduled for production in the fourth quarter out the door, we would expect to close the year up approximately 20% on sales and earnings when compared to the previous year, achieving record level sale and earnings. We like where we are positioned in the market and we look forward to continuing to deliver superior returns to our shareholders," concluded Mr. Langevin.

Acquisition Activity

Mon, 19 Aug 2013 04:00:00 GMT

BRIDGEVIEW, Ill., Aug. 19, 2013 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, special mission oriented vehicles, container handling equipment and specialized engineered trailers, today announced that it has completed the previously announced acquisition of the business of Sabre Manufacturing LLC, a Knox, Indiana-based manufacturer of specialized tanks for liquid storage and containment solutions for a variety of end markets such as petrochemical, waste management and oil and gas drilling. The $14 million purchase consideration is comprised of $13 million in cash, being provided from the company's bank credit line with Comerica, and $1 million in Manitex common stock. The acquisition closed on August 19, 2013 and is expected to be accretive to Manitex International's earnings in 2013.

Sabre, a privately held company, has a history of consistent profitability driven by a strong product portfolio and engineered development to meet the needs of its customers in its markets. On a trailing twelve month basis to March 31, 2013, Sabre had revenues of approximately $39.1 million, adjusted EBITDA of approximately $4.5 million or 11.5% of sales, and earnings before tax of approximately $4.2 million. This represents a 3.1x EBITDA multiple for the transaction.

David J. Langevin, Chairman and CEO of Manitex International commented, "Building our company through both innovative product development and opportunistic acquisition remains our priority and we are excited to add this niche product line to our own. In addition to maintaining its current momentum, we see opportunities to enhance Sabre's growth through introducing it into our larger dealership network and providing the resources of a larger Company to the sales and marketing of its products."

"A leading manufacturer with a reputation for high quality and innovation, and serving a market of over $1 billion, annually, Sabre is a good fit to our specialized product portfolio. With strengthening environmental regulation, projected expansion of energy exploration, refining and petro chemical activity we believe Sabre is well positioned in growth markets. We're excited about the transaction and welcome Sabre to the Manitex family," concluded Mr. Langevin.

Sabre is anticipated to benefit from increases in industrial activity and general construction and continued trends of increasing demand for energy, as evident in the growth of refinery, petrochemical and hydraulic fracturing operations in North America. Sabre offers a comprehensive line of trailer based, above ground storage tanks for solid and liquid containment with capacities from 8,000 to 21,000 gallons and a large installed base in North America, that are sold through specialized independent tank rental companies.

Comments & Business Outlook

Wed, 07 Aug 2013 04:00:00 GMT

Second Quarter 2013 Results

Net revenues rose 19% to a record $62.6 million, compared to $52.5 million in the prior year's quarter.
Net income of $2.7 million or $0.22 per share, increased 15% compared to $2.3 million and $0.20 per share for the prior year's quarter.

Chairman and Chief Executive Officer, David Langevin commented "The record sales and profits we recorded in the second quarter results demonstrates continued execution of our niche product strategy. The global economic environment, as has been widely reported remains subdued, and while we are cautious we believe our businesses will continue to perform on a solid basis in this challenging economic landscape. The primary driver of our growth remains our crane business. And as we recently reported, we believe that our new 70 ton crane product will have a significant impact for us in the future. We would also like to point out the significance of the $37 million Navy contract award which we recently announced which will also provide further growth for us in 2014. Finally, in the second quarter, our cost structure, margins and EBITDA ratios all returned to more normal levels when compared to the first quarter. With this cost concentration and a steady improvement in economics along with the potential benefit from the acquisition of Sabre which we announced today, we should turn in good results for the year and put us on sound footing going into 2014."

Business Outlook

Mr. Langevin continued, "The quarterly and year to date results were solid, and we continue to work to develop and acquire niche products which serve industries where we believe there will be superior growth and where we will have the opportunity to grow at levels beyond anyone in the marketplace. We look forward to welcoming to the Manitex Group a Company that we believe fits these criteria in Sabre Manufacturing. Sabre is a leading specialized equipment provider with a reputation for high quality and innovation serving a market of over $1 billion annually.

Our expectations, absent any significant change in the global economic conditions and excluding the additional benefit we may receive from Sabre, are for second half sales in line with the first. This would suggest another record year for revenues, EBITDA and earnings per share. We also continue to pursue further growth of our revenue base as well as an increase in our profitability through development of new products and opportunistic acquisitions," concluded Mr. Langevin.

Comments & Business Outlook

Thu, 09 May 2013 04:00:00 GMT

First Quarter 2013 Results

Net revenues rose 39% to a record $59.6 million, compared to the prior year's quarter of $42.8 million and 5.4% compared to the fourth quarter 2012 revenues of $56.5 million.
Net income of $1.9 million, or $0.16 in EPS (earning per share) increased 53% compared to $1.3 million and $0.11 per share for the prior year's quarter.

Chairman and Chief Executive Officer, David Langevin, commented, "Our first quarter results were in line with our expectations with sales continuing to show dramatic growth over last year's levels and modestly compared to the previous quarter. While we did experience some temporary margin pressure in the quarter, primarily a result of manufacturing efficiencies related to start-up of new product and product sales mix, we expect these issues to mitigate during the second quarter with margins subsequently recovering to normalized levels. Further, we are very excited about our latest product introduction, namely, the Manitex TC 700 which is potentially a game-changer for the Company, putting us firmly into a heavier truck crane category at a lower price point. Our expectation is that this product line has the potential to achieve similar success as did our 50 ton crane introduction of several years ago that now represents approximately 20% of total sales or $40 million."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "An improving commercial market supported by the production increase initiatives we implemented helped us achieve record sales revenues for the quarter. These conditions helped to balance a recent softening in the energy markets we serve, but at a lower price point, and contributed to a reduction in backlog, which however, still remains very healthy at $108 million at the end of the quarter. Gross margin is expected to return to more normalized levels as the recent product introductions become fully integrated into the supply chain and production process and parts sales start to reflect the higher volume of equipment being deployed. Our commitment to cost control and higher efficiency remains a key objective, as evidenced in our SG&A, which as a percentage of sales, improved again in the first quarter 2013, declining to 10.4% from 12.6% in the first quarter of 2012. Our balance sheet position remains strong, with our debt to trailing twelve month EBITDA ratio of 2.8 times and interest coverage of 7.8 times, both ratios improving modestly from December 31, 2012."

Outlook

Mr. Langevin continued, "Our macroeconomic view is largely unchanged from our last update, namely, that we anticipate a continuation of modest economic improvement overall with no growth in Europe. For Manitex, we would expect to see our business model to remain focused with 50% of our revenues coming from energy and 50% from general commercial markets. As demonstrated by our recent introduction of the Manitex TC 700 crane, we remain committed to introducing ground breaking products that offer significant sales upside and we intend to continue to pursue quality acquisitions which strategically fit our Company and can contribute materially to our bottom line performance."

Comments & Business Outlook

Tue, 07 Aug 2012 04:00:00 GMT

Second Quarter 2012 Results

Net revenues rose 42% to a record $52.5 million, compared to the prior year's quarter of $37.1 million, and 23% compared to the first quarter 2012 revenues of $42.8 million.
Net income of $2.3 million or $0.20 per share increased 124% compared to the prior year's quarter of $1.0 million and $0.09 per share.
EBITDA⁽¹⁾ increased 68% for the second quarter of 2012 to $5.1 million equaling 9.7 % of sales compared to $3.0 million or 8.2% for the second quarter of 2011.
Consolidated backlog of $149.6 million as of June 30, 2012 is a record level for the company, and represents a 79% year to date increase and is 195% higher than the comparable quarter's backlog a year ago.

Chairman and Chief Executive Officer, David Langevin, commented, "Our second quarter financial performance exceeded our expectations, and delivered record quarterly sales and EPS. The year over year and sequential increases in our sales were led by Manitex boom trucks with growth also coming from each of our manufacturing operations, spanning a diverse range of end-markets. Our backlog continued to grow in the quarter, rising 79% since year-end, and our operating leverage continues to enable our bottom line growth to exceed that of our sales. Our production increases are proceeding as planned, and the demand for our products remains healthy, which as indicated in our continued backlog expansion to $150 million, represents a new company record as of the close of the quarter."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "Second quarter results benefitted from a strong order book coupled with manufacturing and supply chain efficiencies and expansion that delivered well ahead of plan. This was combined with good cost control in manufacturing to slightly improve our gross margin percentage, to 20.5%, and in operating expenses where we reduced our SG&A expense to sales ratio, to 11.3% for the quarter. We are particularly pleased to report that our net income more than doubled in the quarter. Working capital growth to support year to date revenue expansion of 39% has been achieved within our existing lines of credit and we have maintained appropriate and consistent working capital ratios. EBITDA for the quarter of $5.1 million, or 9.7% of sales, represents a quarterly record for us and is in-line with our long-term operating target range, and trailing twelve months EBITDA of $14.5 million provides a strong interest coverage ratio of 5.7. This performance suggests to us that we are well-positioned to continue to capture operating efficiencies and drive bottom-line performance for our shareholders. Lastly, subsequent to the quarter's end we completed a $4.1 million stock offering, the proceeds of which are being used to retire certain debt obligations which will further improve our balance sheet."

Outlook

Mr. Langevin continued, "Our investment in new product development over the last several years has resulted in the successful launch of several new products, principally at our Manitex boom truck operations, which has fueled our expansion in the energy sector, a significant area of growth for us. We expect to continue to invest in product development throughout the organization, emulating this successful model to position us for future growth in each of our served markets."

"We exceeded our expectations for the second quarter with consistent execution by our entire team, achieving revenue growth, earnings growth, and EBITDA margin expansion ahead of plan, and a healthy increase in the backlog. That said, given the signs of uncertainty and slowing growth in the global economy we maintain a cautiously optimistic view, and notwithstanding these conditions, we expect modest growth in the third quarter over the second, full year 2012 results that should show solid increases in sales and profits when compared to 2011, and continued improvements into next year."

Contract Awards

Wed, 06 Jun 2012 04:00:00 GMT

BRIDGEVIEW, Ill., June 6, 2012 /PRNewswire/ -- Manitex International, Inc. (NASDAQ: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, announced today that it has received $6.2 million in new orders for CVS and Badger Equipment products. Delivery is scheduled for second half 2012 and first half 2013.

The CVS order is a follow on order from South Africa for a fleet of new terminal tractors (previously announced on April 11, 2012) which now has reached $8 million for a newly launched product with this dealership.

Stefano Mercati, General Manager, CVS, commented, "The CVS brand remains well-trusted by equipment operators and dealers worldwide, and we are excited to continue providing highly customized and configurable lifting solutions to our customers. These terminal tractors are distinguished from other alternatives in the marketplace with their focus on safety, ergonomics and the environment, as well as the latest offerings in diagnostic management control systems and we look forward to continued opportunities to serve this and other customers, globally."

The Badger order is for a new 50155GT 50-ton rubber tracked crane that will be used by an international copper and gold mining company. The order for this crane, which combines the Manitex 50 ton boom and Badger upper crane structure marks the launch of a new product for Badger and Manitex, and adds to the company's specialized crane offerings.

Ed Samera, General Manager, Badger, commented, "This exciting combination of Badger and Manitex engineering is targeted at the niche mining and power line construction and maintenance sectors. The 50155GT addresses specific operating environment challenges faced by much of the mining industry since it is designed to provide higher lifting capacities and perform in the highly challenging, marshy conditions that are typical of much terrain at mining sites. Additionally, the 50155GT can extend its boom to a height of 200 feet and is compliant with stringent Department of Natural Resources requirements. Consequently, we anticipate that this product will also be ideal for use in power line construction and maintenance applications, which is another area that we believe will experience substantial growth during the next several years."

GeoBargain Notes

Wed, 16 May 2012 04:00:00 GMT

On 1/12/12 we added MNTX to the GeoBargain list @ $5.29

Catalyst: Announcement of order backlog of $83.7 million which was an increase of 110% year over year and represented all time high for the company.

On 5/15/2012 we removed MNTX from the GeoBargain List @ $10.50

Current road block: The stock is up near 100% since being coded a GeoBargain. The stock trades at a trailing P/E of 27.6 and 17 times 2012 EPS estimates of $0.62. Although we believe that MNTX will easily exceed analysts’ expectations we think it is prudent for us to lock in profits and remove the stock from the GeoBargain list.

Peak performance: Reached a high of $10.60 on 05/15/2012 for a maiximum potential return of 100.3%
Current Price: $10.00

Comments & Business Outlook

Fri, 11 May 2012 04:00:00 GMT

First Quarter 2012 Results

Net revenues rose 35% to a record $42.8 million, compared to the prior year's quarter of $31.7 million and 17% compared to the fourth quarter 2011 revenues of $36.6 million.
Net income of $1.3 million or $0.11 per share increased 183% compared to the prior year's quarter of $0.4 million and $0.04 per share.
EBITDA(1) increased 65% for the first quarter of 2012 to $3.4 million equivalent to 7.9% of sales compared to $2.1 million or 6.5% for the first quarter of 2011.
Consolidated backlog at March 31, 2012 rose 179% from the comparable quarter of 2011 to $133.3 million. Compared to the backlog at December 31, 2011, the increase was 59% or $49.6 million in the quarter.

Chairman and Chief Executive Officer, David Langevin, commented, "The momentum in our business that led to record levels of sales, EBITDA, and backlog in 2011 continues to move us forward in 2012. We are executing well according to plan, and our first quarter's results reflect the operating leverage in our model, with the bottom line growing faster than our top line. In the first quarter we began to benefit from a planned output expansion that is taking place at our Manitex boom truck operations. We expect to continue to increase output in each quarter during 2012 in response to the robust demand in the niche markets we serve, with particular strength coming from the North American energy field. The growth in our backlog further underscores the health of our business, and speaks well to our strategy of developing products that serve high growth markets."

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "Our first quarter output expansion was in line with our expectations and provided a sequential quarterly increase of 17% in revenues allowing us to report a Company record, in quarterly sales. Our planning and activities in this regard are ongoing, and we are moving steadily to effect further production increases that may well enable us to convert a higher percentage of our $133 million backlog into sales on a quarterly basis. At the same time, control of costs has allowed the benefit of these revenues increases to flow through to EBITDA, which at $3.4 million was another record and represented nearly 8% of sales. We continue to effectively manage our liquidity and ability to fund our growth, and expect that our balance sheet ratios will remain in good condition, and we will start to make further debt repayments during the year."

Outlook

Mr. Langevin concluded, "With our increasing backlog, output expansion, and strong niche in the North American energy market, we expect our sales and profits to improve steadily throughout 2012. Boom truck bookings are now taking us into 2013 deliveries, which coupled with our leveraged financial model, should provide us with the opportunity to deliver another year of growth and solid returns for our shareholders next year. Any improvement in the current economic environment with respect to our served markets would naturally add further to our optimism."

Comments & Business Outlook

Wed, 11 Apr 2012 04:00:00 GMT

BRIDGEVIEW, Ill., April 11, 2012 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced a consolidated order backlog of $133 million as of March 31, 2012. This is an increase of 59% from December 31, 2011, a 179% year over year increase, and represents another all-time high for the company and the eighth successive quarterly increase.

Robust demand for the Company's Manitex boom truck cranes continues to lead the backlog higher, and the company is also seeing continued strength in the demand for its other specialized products. As previously reported, in the fourth quarter of 2011 the Company began activity to increase output at its key facilities in conjunction with its supply chain for further expansion in 2012 to support the growing customer demand. The current backlog calls for products to ship throughout 2012 and into early 2013.

Andrew Rooke, President and Chief Operating Officer for Manitex International commented, "The order intake for the quarter was exceptionally strong and is being driven by demand for specialized products for the energy sector. While Manitex boom trucks represent the major part of this backlog, we have also been successful in securing increased orders in other parts of our portfolio. In particular, Load King is also benefiting from the high levels of demand from the energy sector for both standard and specialized trailers, while CVS Ferrari has just secured a $4 million international order for terminal tractors. We remain focused on ramping up production, particularly at Manitex, to ensure that our product deliveries keep up with the pace of customer demand and to drive steady increases in our quarterly revenues throughout the year."

Paul Gibson, General Manager of the Company's subsidiary, Manitex Inc., commented, "Demand for Manitex equipment, particularly our higher tonnage cranes, is being driven by continued activity in the North American energy sector. Our recent product development initiatives have been targeted to several specific areas of operation for the energy sector and have led directly to new orders. Additionally, the expansion of our dealer and sales network, as previously reported, has provided improved geographical dealer coverage and support for our products in North America. We are seeing progress in our efforts to increase production and anticipate this leading to higher sales throughout the year."

Comments & Business Outlook

Thu, 22 Mar 2012 04:00:00 GMT

Fourth Quarter 2011 Results

2011 net revenues rose 48% to a record $142.3 million, compared to the prior year's revenue of $95.9 million and above the company's previous high of $106.9 million in 2007. For the quarter ended December 31, 2011 net revenues were $36.6 million, representing a 24% year-over-year increase, from $29.5 million
EBITDA (1) for the full year 2011 was $11.1 million or 7.8% of sales, compared to $8.7 million and 9.0% of net revenues in 2010. For the fourth quarter 2011, EBITDA was $2.9 million, 7.9% of sales, compared to $2.9 million, 9.6% of net revenues for the fourth quarter of 2010.
For the full year 2011, adjusted net income (2) increased 69% to $3.6 million or $0.31 per share, compared to $2.1 million or $0.19 for 2010. Adjusted net income for the fourth quarter of 2011, increased 15% to $1.1 million or $0.09 per share, compared to fourth quarter 2010 net income of $0.9 million or $0.08 per share.
Consolidated backlog at December 31, 2011 rose 110% for the year and 33% during the fourth quarter to $83.7 million, compared with $43.8 million from December 31, 2010 and $63.1 million at the end of September 30, 2011.

Chairman and Chief Executive Officer, David Langevin, commented, "We made exceptional progress in 2011, with record financial performance from top to bottom, and believe that we are well-positioned for continued growth throughout 2012. Robust demand for our energy based products was the primary driver of our growth during the year, and the continued growth in our backlog indicates that 2012 will be another year of healthy expansion. We are working hard to secure supply, increase our production, and ship product to keep up with the pace of our order backlog, which is principally at our Manitex cranes division, although we are seeing contributions from each of our other product lines as well, though at more moderate levels. We are getting excellent cooperation from our supplier base and we expect consistent and steady growth from each quarter for the current year as our suppliers step up to meet our product demands. The energy markets we serve with our equipment appear to be in a strong growth environment and the overall economic trend appears now to also be improving, all of which bodes well for our group over the next several years."

Outlook

Mr. Langevin concluded, "Our expectation is that the drivers of our growth remain intact and there is an opportunity for us to continue to grow in tandem with the expansion period that we believe is now in front of us in the niches we serve, particularly in the energy fields in North America. We expect consistent sales growth each quarter throughout the year, beginning with consolidated sales in the first quarter exceeding those of the fourth quarter of 2011, as we have recently begun to expand our output, and operating leverage continuing to the ultimate benefit to our bottom line and our shareholders."

Resolution of Legal Issues

Tue, 28 Feb 2012 05:00:00 GMT

BRIDGEVIEW, Ill., Feb. 27, 2012 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced that, a recent decision from the Fifth Circuit Court of Appeals overturned a decision that favored Manitex and held its insurers liable for damages. As a result, pursuant to a May 5th, 2011 settlement agreement, with two plaintiffs relating to damages from legacy products that the company no longer sells nor supports, Manitex has become liable to make combined payments of $95,000 annually to the two plaintiffs over a twenty year period, without interest. The total of all payments is $1.9 million, and Manitex expects to record a one-time exceptional expense of approximately $0.8 million, net, after-tax, against its fourth quarter and full year 2011 GAAP financial results.

Although the Company plans to file a Petition for Panel Rehearing pursuant to Rule 40 of the Federal Rules of Appellate Procedure to the Fifth Circuit Court of Appeals, the Company will recognize the liability under the May 5th settlement agreements and record an exceptional charge to income for this liability in 2011. In accordance with current accounting guidance, the liability is recorded at the present value of future payments discounted at a market rate of return. Manitex management is not aware of any other similar potential liabilities at the present time and has secured insurance coverage to explicitly cover such future instances, mitigating future business risk.

GeoBargain Notes

Tue, 21 Feb 2012 05:00:00 GMT

This is a review of our MNTX GeoNugget released on February 1, 2012.

Company Description: Manitex International, Inc. is a leading provider of engineered lifting solutions including boom trucks, cranes, rough terrain forklifts, and special mission oriented vehicles.

Data Ended 01/31/2012

Price = $5.89
Fully-Taxed Trailing EPS = $0.34
Fully-Taxed EPS Estimates = $0.50
P/E based on Fully-Taxed Trailing EPS =17.3
P/E based on Fully-Taxed 2012 EPS estimates= 11.8

Criteria Check List

MNTX Meets 5 out of 10 of our most important requirements for growth and risk-based quantitative data.

	Requirement	Comments
	Recent 52-week High (generally within 3 months)	Must Reach $6.76
	Strong EPS Growth Rate	As of 3rd Qtr 2011; Full year 2012
	> 30% EPS Growth Rate	3rd Qtr. 2011 EPS increased 50% Full year 2012 estimates implies an EPS growth rate of 61%
	GeoPowerRanking (GPR); Number of consecutive quarters that EPS is expected to grow at least 30%.	5
	10% Revenue Growth	3rd Qtr. 2011 revenue increased 49%. Full year 2012 estimates implies a revenue growth rate of 20%
	Strong Operating Cash Flow and Balance Sheet	As of 3rd Qtr 2011

To see more requirements, reasons for optimism, as well as potential valuation, see the rest of our February 1, 2012 GeoNugget.

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Deal Flow

Thu, 16 Feb 2012 05:00:00 GMT

BRIDGEVIEW, Ill., Feb. 16, 2012 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, announced today that it was notified by Comerica Bank, that it has been approved for an extension of its credit facility from $22.5 million to $27.5 million, effective February 16, 2012. Substantially all other terms of the agreement remain the same, including the expiration date of April 1, 2015.

Andrew Rooke, Chief Operating Officer, commented, "As we previously reported, the strong demand underlying the rise in our backlog has resulted in increasing production at several facilities within our North American operations. This newly increased credit availability will ensure that we have sufficient working capital to sustain these production increases and continue to meet customer demand for our products. Comerica has maintained a clear understanding of our business needs and we appreciate their continued support, as we continue to execute our growth strategy for Manitex International."

Comments & Business Outlook

Tue, 31 Jan 2012 05:00:00 GMT

BRIDGEVIEW, Ill., Jan. 31, 2012 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced a new order, valued at $1.9 million, including options for future deliveries, from the Canadian military for CVS Ferrari reach stackers.

This order represents the first sale to North America for CVS Ferrari, a subsidiary of Manitex International, with manufacturing facilities near Milan, Italy. The reach stackers will be used in Canadian military logistics facilities in Quebec, and will be supported by an appointed dealer within the Manitex Liftking network. Initial deliveries are anticipated to begin in mid-2012.

Stefano Mercati, General Manager of CVS Ferrari, commented, "We are delighted to receive this order from the Canadian military and are encouraged by this example of our successful leveraging of the Manitex International network across targeted markets. We believe our products will continue to see good reception as we execute our strategy to further develop and expand the markets for our specialized niche products."

Mark Aldrovandi, Director of North American Sales at Manitex Liftking, added, "The Canadian military has been a valuable customer of Manitex Liftking for many years and they responded positively to the extension of the Manitex Liftking product offering with the CVS reach stacker. We look forward to continuing to provide our customers with exceptional products and service as we expand our offerings throughout North America."

Earlier this month, Manitex International reported that its backlog had grown over 110% for the year of 2011, to a record $83.7 million, as the company is experiencing a heightened demand across its product lines.

Comments & Business Outlook

Thu, 19 Jan 2012 05:00:00 GMT

BRIDGEVIEW, Ill., Jan. 19, 2012 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced that it expects to report a consolidated order backlog of $83.7 million as of December 31, 2011. This is an increase of 33% from September 30, 2011, a 110% year over year increase, and represents an all-time high for the company.

A broad-based increase in demand for the company's specialized products, particularly domestically, continues to drive orders and position the company for growth throughout 2012. Accordingly, the company has begun to expand its output and is preparing its materials and resource needs within the supply chain for further expansion in 2012.

Paul Gibson, General Manager of the Company's subsidiary, Manitex Inc., commented, "Demand for Manitex equipment, particularly our higher tonnage cranes, is being driven by continued activity in the North American energy sector. Our introduction of a new cab and crane operating system on the new higher tonnage machines have won immediate acceptance from our customers and provided a strong sales increase. In response to this demand we have expanded our internal North American sales force to sustain our business momentum as we head through 2012 and towards 2013."

Ron Clark, General Manager of Manitex Load King, commented, "Heightened activity in energy and associated construction projects, as well as in domestic and international mining, and rail activity has resulted in strong heavy duty trailer demand and a consequent significant backlog increase at Load King throughout 2011 which has particularly strengthened during the final quarter of the year. Load King has historically maintained a leading position in these specialized markets with its targeted applications and quality reputation. Our competitive lead-times have provided further impetus to customers to acquire the Load King product. We intend to maintain this momentum with an output increase heading into 2012."

As reported in recent announcements, Manitex Liftking has seen a healthy increase in military orders which has also contributed to the total record corporate backlog of $83.7 million at December 31, 2011.