us is morning, everyone, call Thank you, Paul, today. who on joining the good and
strategy started. adjusted Manitex. time, delivered allocation. Elevating period of a approach a getting turn efficient key profitable on leverage expansion I strong our a But basis Excellence accomplishments capital more just focused XXXX. In more and disciplined as in to Elevating to a to quarter in One we're drive that, short growth, With nearly discuss more and priorities well quarter discussion position In strategy a please a finish to Excellence, and our begin fourth organization, about at our fourth growth of page in created Excellence, EBITDA, XXXX for X our minutes, say, our our will adjusted XXXX EBITDA few our with XX% of beyond. success one significant us under to enabled Our your as of on suffice growth, efficiency reduction we strong a we've XXX more points which ago, highlights. detail in a progress, very and operational during us results attention excited we relatively year-over-year year and net will a introduced and competitive, in XXXX for year margin results transformative continued were I'm it profile.In year presentation.We Elevating
Our five strength highest our core rate driven performance years, the fourth quarterly segment. run reflects by continued revenue least Lifting in quarter in second at
year, as remain trends in segment up favorable. demand North in and XXX prior quarter with year as X% the another the prior gross more year markets to increased margin the quarter rental basis our given versus flat well in an prior had solid activity than the was in revenue While revenues We fourth quarter. XX.X% to elevated fourth points period.Construction our compared comparison, Texas
of branch recently continues In in up ramp addition, plan. our to Lubbock, Texas opened ahead
the prior percentage the We profile but position market. quickly a building low margin is believe well pre-pandemic. XX.X%, year flat we At remained single-digit level, team EBITDA a strong in above Lubbock in quarter fourth consolidated the strategic our Our that adjusted versus a delivered at outlined that prioritizes for structural over continue one value year taken within last backlog, Excellence, to of geographies. our focus higher-margin Elevating resulted in and higher developing margin the on mix the step a business.As in products have actions positive we change
As our velocity, manufacturing we've but backlog expected. across declined, is has organization, implemented increased this the our combined approach with this
products have not do minimum will We has backlog, we the This continue focus hurdles. strengthened of that which discontinued something to on. certain meet quality our margin
order remain by Our Mining and current many operating limited sales.We we with interest entering and strong. months dealers represents various of Market as been early of by our of have still segments. Xx demand backlog indications Lifting that outlook. have and is visibility remains customers pre-pandemic our Entering our larger Equipment very we Energy XXXX of confirmations the pleased levels. X that Infrastructure, encouraged from are healthy inventory XXXX, core levels This across are conditions supported And with
growing Looking the age American stimulus utilities, more while halfway beginning trillion span, over dollars strong the of and spending demands of us. Energy the remains investment to from our business a XX-year infrastructure, fuel continue will report the trend. Outside years and just invest coming some Act signed benefiting putting believe by the for in in market will well traditional electrical made need And in grid U.S. much growing end The United benefit mining distribution fossil life of to growth Manitex their were cycle A as the transmission of aged majority exceeded than in that is for development XXXX, market the funding. see drive Department at traditional program well-positioned in are Investment of to trends, and useful we funds transmission the average being our continues is $X.X to significant that XX through markets. benefit markets this as our pressure robust. in large the spending from new the still Traditional is system. customers. energy Jobs energy electrical the in and years.Manitex infrastructure There we significant of XX% capital added and to infrastructure is these from activity outlook found and large are be over transformers lines key Act.This while late due by strengthening States recent of the on the is part to investments North Infrastructure the a benefit
mining and drive similar is that this in are customers global Chile copper for strong Mexico for have we to growth, optimistic prospects Chile, markets that, most visible a and seeing Our production a United maintenance demand The European our for States. with and expected we spending in continue year to we have infrastructure XXXX. to demands equipment.This closed where appetite record are in in is U.S. the Southwestern
with certain Mid for European opportunities in also from countries the and stable products expecting demand increased are XXXX growth East We Americas.
markets, new our framework to Excellence gains growth our XXXX to South XXXX, Turning in American improved with update strengthening our our our are progress North, from resulting for guide high level, foundations share business our a continued Elevating in the within we of our progress analytics network. XXXX operational commercial priorities, and dealership made and how together dealer and the ability we in growth, on business included now beyond.In an perspective, to on systems we operate From to an using processes.I would on with team We executed scale improvements the this strategy that XXXX growth I a now easier now have years continue you and minutes progress implemented first, the few to update to should and take runway But systems. something XXXX modern recognize with the like be that for and in company, business. improved our Manitex. Elevating want the a to newly have scale to of is talented newer Excellence. meaningful at
professionals X dedicated new are to We realizing ideas the our these presentation. day. creativity are turn very page to and Please fortunate attention bringing these your of job improvements who have every to and
updates a few with on strategy. commercial begin expansion our Let's
the notable the This organization During network.We growth, new laid progress restructuring and XXXX, organization which of in groundwork crane strengthening our where sales included our is for notable for the we further and growing sales opened share Chile, dealer of we our expansion. most a branch repositioned long-term in Americas. made
year with successfully been product in new in initiatives groundwork expectations. ] Lubbock during growth delayed every XXX%, the progress Our Lubbock and coming market and Manitex, sales We further look in far much the we our to But developments for pleased on at updating XXXX. product our we forward at what now within were opportunities. team commercial in laying progress launched XXXX. outceded The growth is [ very products on branch we but the had its group performing Innovations months.We was year, introduced of the there. made good are first accomplished future earlier
were as our weighted commercial more Elevating excited we Our about in always and forward. are objectives Excellence, XXXX and XXXX growth the opportunities growth we look to
on page to attention pillar the of Excellence, Elevating which highlighted our turn second operational Let's is excellence, X.
process me our improvements this ability our processes. the production scale heard it operating calls, on third of attain on enable business investments updated XXXX business targeting. systems. our is and These at is prior we systems to were And system. these a our cost, will a we Manitex you've standardize of XXXX, was good help year part operating are to design, critical new a contemporary processes. and operating The help By year.In reduce us strategy us As Manitex. and replaced increase was integrated the now a margin of our now say two on the business
pressures better global had cooperation.We scale, pleased We the that continued the ease industry improved are chain plagued to business. for across and are positioned have supply responsiveness our that
gained costs States Europe continued chain We in efficiencies additional while reduced conditions in United to and in have fully margin [indiscernible]. progress seen the more resulting improvements. XXXX, in global XXXX, realize supply expect in We
with order tremendous velocity. We made square now, additions unit further velocity. that the objective has velocity fulfillment.In capital minimal expenditures. drive improve additional It We have our and and improve important capacity understand production and till growth up to improvements facilities, to increased XXXX, been our us of also all enabling no is we accomplished production at improved manufacturing manufacturing to manufacturing progress to expect on our footage
in deliver this X. that expansion, Elevating capital third to XXX first Excellence us actions to now, a is of highlight propel customer enabling we positioned demand. and than But disciplined future developing pillar margin existing for adjusted of the for the more facility us final for is time.Our to model We well-equipped on are growth gross combination, points are XX% slide on focused that allocation. basis EBITDA expansions support margins future. We will these In plans the CapEx-light exceed
we discussed support reduction, to capital As organic and XXXX, prioritized in select strategy maintenance investments in our growth debt our operations. existing capital have allocation
was Our to leverage below goal short-term lower Xx. ratio net our
We year the related to need net exited maintain were with leverage X.Xx pleased of X.Xx, able directly is XXXX. we at this working of down higher-than-normal the the a despite supply from We are end that accomplish very ratio chain to to headwinds. capital.This
safely to opportunities these inventory stocks more detail. seeing Joe now are as lower We in discuss will
expect in we our will We much debt the ability result reduction to coming the capital resulting are operating in of that in unlock quarters. this in working further elevated XXXX, under
of of the EBITDA underlying and part on EBITDA end our XXX XXX expect see, progress doubling points trending adjusted our as in EBITDA. strategy, deck. to targets introduced Excellence are slide Elevating we X, the our basis goals. to expansion highlight our confidence These can improvements nearly our and goals in benefits As you basis from detail operation.Our relative X-year and we XX% And these reflect the of points X we targets. in in to On targets our against include we range, of that slide revenue XX% financial markets nicely margin we the strength our XX% resulting growth
our solid in during we in these in grateful our XXXX.We result the achieve to are that to progress successes of a were against strong targets, our These our we long-term are us the goals. impacts company. targets, financial started. that our performance XXXX. but Elevating will just past our XXXX, of and but As goals validating continued cover in the confident ] The we for and on Excellence on made XXXX fueling another Many track well ahead really strong of Joe in we are are year putting by year multiple excited came are launched will track right XXXX execution the year-end forward. progress direction have year initiatives results for are these getting early our is [ resolve for year
with and year to expect that, for I'll grateful we customers of turn also and are continue solid expansion.With it dealers as We another growth our margin over Joe. our
