On a forward looking basis, we anticipate a strong finish to the year, hallmarked with continued revenue growth. We expect to realize benefits from more favorably priced backlog, scheduled for delivery during the next few quarters. We further expect to start achieving healthy levels of debt reduction. Our inventory levels are consistent with current backlog and production rates and our rental fleet size has grown to meet short term forecasts,” concluded Mr. Coffey.
Financial Results for the Third Quarter ended September 30, 2022
Net revenues increased $14.1 million or 27.7% to $65.0 million for the three months ended September 30, 2022 from $50.9 million for the comparable period in 2021. The increase in revenues is primarily due to the acquisition of Rabern and increases in sales of straight mast cranes by the Company’s U.S. subsidiaries. Increases in sales of knuckle boom cranes by the Company’s foreign subsidiaries were offset by foreign currency changes of $4.6 million.
Net loss was $3.1 million, or $(0.15) per share for the third quarter compared with net loss of $1.1 million, or $(0.06) in the same period last year. Adjusting for non-recurring items, including legal settlement charges, restructuring and acquisition expenses, adjusted net income was $1.0 million, or $0.05 per share for the third quarter of 2022 compared with a net loss of $0.2 million, or $(0.01) per share in last year’s same period.
The company’s Adjusted EBITDA for the third quarter was $5.2 million, or 8.0% of sales compared with $1.6 million, or 3.1% of sales in last year’s same period. Rabern Rentals, which was acquired during the second quarter of 2022, is having a significant positive impact on the company’s margin performance, as anticipated.
Conference Call:
Management will host a conference call with an accompanying slide presentation, today, on November 3, at 4:30 PM ET, to discuss the results with the investment community. Anyone interested in participating in the call should dial 1-877-407-0792 from within the United States or 201-689-8263 if calling internationally. A replay will be available and can be accessed by dialing 844-512-2921 or 412-317-6671. Please use passcode 13734042 to access the replay. The call will be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the Company’s website at www.manitexinternational.com/eventspresentations.aspx.
Non-GAAP Financial Measures and Other Items
In this press release, we refer to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the Company’s financial performance against such budgets and targets. These non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other companies. While adjusted financial measures are not intended to replace any presentation included in our condensed consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of its underlying businesses. A reconciliation of Adjusted GAAP financial measures is included with this press release. Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of the dates indicated.
About Manitex International, Inc.
Manitex International is a leading provider of mobile truck cranes, industrial lifting solutions, aerial work platforms, construction equipment and rental solutions that serve general construction, crane companies, and heavy industry. The company engineers and manufactures its products in North America and Europe, distributing through independent dealers worldwide. Our brands include Manitex, PM, MAC, Oil & Steel, Valla, and Rabern Rentals.
Forward-Looking Statements
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company’s expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s future results, performance or achievements
