MNTX - Earnings call transcript Q3 2021 | Manitex International, Inc.

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Operator

00:00 Thank you for standing by. This is the conference operator. Welcome to the Manitex International Inc.

Third Quarter twenty twenty one Results Conference Call.

As a reminder, all participants are in a listen only mode and the conference is being recorded. will opportunity there ask presentation, the be to an questions. After to XX:XX conference I’d Instructions] turn now [Operator like the Mr. over to Steve Executive Chief Filipov, Officer. ahead. go Please

Steve Filipov

of and taking continued XX:XX you safe I and you, operator. we afternoon to is and of Thank CFO, appreciate listen to and you our the the Good Doolan, me hope our who today everyone for announced take with quarter, earlier time in financial call. I’m interest gentlemen, your healthy, third details Manitex Steve we which is and Filipov, Manitex through will your International. ladies CEO you today. thank Joe

Following the our webcast instructions or is call. A Slide statement, and XX:XX we that open audio Q&A. days Please will year. prepared see will is be everything be telephone slides our which replay our for we with we this XX:XX for will Safe a to Harbor change. remarks, a you two cover available replay is broadcast custom, website seven for the for for reminds subject our available up discuss line for as release,

risk As XX:XX associated a described SEC you many which refer with for our operating slide of in review further let's the on our filings, to company. turn now So, details for please can to our factors three results.

At the productions well the same These contributing time, are seen since factors that inefficiencies manufacturing material the chain and industry Let our aware. I'm in also while customer significant we've constraints me we start and sure uncommon as time twenty is as and one for global XX:XX facing most one. an impact inflation are to us listeners the of the environment, are on for challenging supply the some having It's demand color cost negatively business by products with that beginning the labor workforce in twenty period case. providing period current our Manitex. clear impacting as of environments on robust entire of seen

we are about So, doing it. you what might ask

me We've increases you surcharges lines. taking we these Let multiple price product across head all tackling on. that and are assure problems implemented

with from. these We customers transparent where coming increases working our about to are and why are be

We are and production partners supply efficiencies, to issues within helping new meet our facilities and workflow adjusting mitigate demand. chain and engage suppliers to identify our

We're balance times quarter. our gets same dollars, our the ratio improve XX:XX to continue debt less leverage net the pressure million rising we also We almost point not are temporary, our you will product to throughput and – take EBITDA percent margin through million ongoing taking and uncertainty take of dollars. eight meet the these ongoing the as reduce customers. steps the resilient view twenty profit position forty to been from success to cause and XX:XX constraints we've to twenty million right adjusted all gross increased XX:XX which quarter the for point do to While our sheet to adjusted At at percent mitigate and a worldwide. to than them to available nearly six they taking actions look but Joe our time, our fifty we demands increased our financials, challenges business. stronger, environment, five dollars lightly six revenue year-over-year with one one emerge harder current the EBTIDA. team Manitex more was this able dollars Global three for and was many of The working is and company deeper production and the million trailing will

four businesses Now dollars, thirteen additional leading from mast North for in operational our Our XX:XX backlog to good color our European grow remains point and of with continues growth one straight six QX. year slide and to performance on America. million the five improvement business high some in and record at our please hundred turn

mentioned is and robust our with supply working to and are volatile our which we percent to chain Boom manage business constraints the orders me XX:XX daily business, continues PM one As is earlier, pricing of Knuckle with up high, last be year. demand end start environment. over robust Let since I and a hundred

the markets to Our North sized revenue cranes We our three demand here bring at have small and and up versus America twenty show and market recent XX:XX Italy. new percent is rose QX twenty with products launched continue in twenty America. two and innovative global key Europe, Latin to a trade medium and in

us supply by help will to even in twenty three such twenty products on mast up launches met more twenty professional XX:XX within been more challenging Our has quality, in straight a twenty a impressed to to continues developments European three leadership some across volume The new Revenue supply continue percent am a to the chain in I capacity companies and Valla show to cranes. suppliers here than works as oil but twenty two further mitigate XX:XX more and daily difficult find accelerate working two. personally new rose with PM, in versus high these plans ramp additional product chain team forty is higher demand. basis and steel grow strong suppliers than in Our ongoing environment. and demand leverage to market twenty importantly and I meet shortages, last have the Europe. year of that

twenty surcharge has past remain us prices availability We couple have steel order quarters, of helped new in which effective see on steel which suppliers, to but offset we've help costs, these XX:XX we products back come happen down, one, which In a the start high. twenty we brought to place our to do our not implemented until sometime two. expect in in twenty of prices all will until twenty remain

improvement Twenty business. the of likely call, have to deliveries a over truck significant truck doing some a couple issue revenue will shortages a Aerial percent thirty in twenty be one our there a in supply chassis Steel for cautious The Semiconductor As record quarters. while be seems Europe to we about & discussed rose suppliers major to for been our continues has revenue doing job challenge. QX team business. most been remain XX:XX be year-over-year. and stellar our this and our share growing two Oil Switching next

the new to designed excited in track-mounted aerial very has for about up. Oil are years foot fifty of leader five new sixty We platform. platforms business work our this have range a self-propelled & and Steel we eight from ground been a

these them see aerials demand tree mainly continue show and to at projects recently infrastructure our recent XX:XX care we've Italy, show already While come the construction, at into strong U.S. from orders the be We utility, having Europe, just but launched expanding and launched a trade dedicated we and products a in job in in in seen distribution. rental twenty growing. and this backlog is demand in our excellent an XX:XX for Turning a customer in rose team demand as also America has zero-emission percent launching cranes, Valla revenue to cranes electric meet more than our North and develop new There's twenty products electric space. QX versus great seventy done in

do Joe and supply to other leverage will Joe? improvement to challenge inefficiencies. twenty and now twenty continues have our this twenty businesses and resources although, we one XX:XX integrating chain performance. operations business more the European discuss improve within twenty to double over me turn Let work Our than We our in financial to be versus it to supply more in our chain, margin biggest

Joe Doolan

and everyone, Thanks, quarter in slide call performance This XX:XX the you today. for previous for financial Steve. Good reflects presentation. Please trends joining to in thank quarters. and our afternoon, turn the the five certain four

year, increase Steve for million was three The of cranes the due for an fourteen was of EBITDA dollars mentioned, the XX:XX for percent business, XX:XX the an of sales percent for percent increased prior point one this EBITDA our mainly steel from or as point can in in point impact profit earlier. driven for fifteen percent compared Adjusted was from fifty for gross business. & the mix of Gross mast dollars the straight the knuckle million by from Boom million quarter on The Knuckle our dollars, the percentage chart increased margin eight to as cranes mix. twenty to five cranes from increased costs million product mainly below four year. The driven QX platforms six or business target As twenty the one zero by in driven dollars point prior seen revenue but As by nine and four of eighteen million from Steel gross costs I declined point million up business. QX percent product in was six dollars the surcharges higher adjusted and higher the adjusted driven in year our percentage million quarter, margin, nearly that sales one two thirty as revenue. our forty sales sales Manitex well point aerial prior increase as and well Oil by six down dollars The XX:XX is margin increased the or aerial EBITDA material of or our mentioned than mix. year. quarter, straight costs PM one and our business, eight product our our prior higher three cranes was Steel be the by & Oil platforms year, was period business of point PM mainly one to prior is higher driven and mast point dollars improvement sales point Manitex than point material

end. million a to slide ratio in seventy the percent mast and one were is expenses year zero twenty leverage book-to-bill high higher eight eight and knuckle zero Now five one since mast quarter, thirty two to the the thirteen backlog since six eight financial the for percent aerial which please Knuckle results year to a our crane of has dollars XX:XX dollars backlog is Our over backlog zero for doubled of from is turn thirty, the point percent was up year and aerial comparable from the Operating in million work million five end. of for quarter. more sixty quarter the nine ratio book-to-bill line and additional with to the and nine which in businesses. six twenty due point percent than nine was significantly year base, straight year, crane commissions. beginning one to compared platform and with QX reflects dollars for to revenue one for expectations period. end. existing orders is the for point improvement were significant represents September one platforms point crane point year, backlog to is XX:XX increase Straight prior the XX:XX sixteen increased up three higher which Our our compared to year, in point in a increased nineteen point Operating professional for one crane, costs hundred sales one the one XX:XX as This fees, our as seven has year of expenses as the a quarter. the we prior advertising able the percentage and the mainly expense declined supporting sales point percent two

that over SG&A to three the one This in over one net the from hundred an Adjusted and hundred prudent Steve to five the in confident million second cash remain dollars point that hundred XX:XX slide to million dollars improvement September will have company had backlog. improvement million meet remains of other of and million representing our point point third available increase We the quarter facility. four thirty, take five dollars loss three debt twelve on net less XX:XX Our of the in point team three At expense the was favorable leverage months. million approximately seven, September the thousand is compliance working scheduled With all sales meet availability quarter versus point a year. Net of The the our year. U.S. prior turn capital dollars will is open is back end, dollars times dollars revolver, maintain increased to of dollars of support dollars thousand is for our liquidity will capital lines Filipov. trailing with to a twenty necessary quarter as ratio thirty by draws than of credit that model. million on loss our I eight dollars and and the now through to at coming start obligations are of six the was XX:XX continue two as turn million company inventory driven ten point our XX:XX was dollars cash, three prior million for control year purchases EBITDA seventeen covenants. debt lower quarter. actions XX:XX a the to operating facility strive thousand call percentage liquidity one higher to consisting the six one increase Please the that, thirty. the working We five

Steve Filipov

Please million to begin to Thanks, slide dollars. where The one XX:XX in Joe. underscored Q&A. be we eight. summarize business hundred to want turn before take thirteen and stand moment a backlog continues by our record I point six of things good shape to

into other. approach needs to our solid while compression, aggressively We a is variant demand We bit is us, through growth factor controls not work mitigating activity personally shipping new more but opportunities XX:XX pursue we’re hampering Managing of be reducing active and quarters. ship as heading appropriate further larger XX:XX on in I to costs raising and The robust over is on logistics constraints believe this one for pandemic Delta restrictions, this We hand, visibility coin. an expected twenty a allowing to work to poised as quickly of have prices the the new of margin continue into us as chain over. to coming issue further We two. excellent current the while the involves as and possible have twenty done discussed on QX when supply feel tighten product ahead sides pipeline and issue due suppliers expense both but of steps was worldwide.

shareholders. sheet balance and session. you operator, is grow With capital to strong team XX:XX working lines could Q&A and seamlessly Our our the our that, reduce open please line, returns top is working the for enhance for

Operator

no turn now will to remarks. I back callers are in session. the begin to the the Instructions] question-and-answer We conference Mr. Steve would There over closing queue. XX:XX currently [Operator for like Filipov

Steve Filipov

quarter you, Thank I and me Well, let call. the operator. the summarize straightforward, everyone think again for XX:XX was fairly on

can are sale it to internal sure the mentioned, feels the suppliers, an make XX:XX good all And beyond I our of sit input an puts and robust With in obviously, good feel orders and we're infrastructure twenty neutralize XX:XX costs be team the that, through to think then we positive the quarter. twenty obviously two the operator bill. infrastructure and fourth wins the halfway call. we from the business, very participate here working the we Obviously, to about to next quarters. we as please pretty I'll later our costs announcement with back our bill, our that about we robust of opportunity as turn to about couple continue and of close feel

Operator

call. XX:XX This conference concludes today's

and your day. for disconnect participating a Thank may You lines. you have pleasant

Manitex International (MNTX) 8 Nov 212021 Q3 Earnings call transcript