Manitex International, Inc.

Net revenue was $73.3 million, up 8.1% year over year. Lifting Equipment revenue was $66.0 million, up 7.9%, and Rental Equipment revenue was $7.4 million. Gross profit was $16.9 million, up from $14.4 million, and gross margin improved to 23.0%, nearly 180 basis points higher year over year. Operating income was $4.9 million versus $2.6 million last year, and operating margin was 6.7%, up nearly 300 basis points. Adjusted EBITDA was $8.4 million, up more than 33%, with an 11.4% margin versus 9.3% last year. Net income was $2.3 million, or $0.11 per diluted share, and adjusted net income was $3.4 million, or $0.17 per diluted share. Backlog ended at $154 million, down from $170 million at the end of 2023, net debt was $86.4 million, leverage was 2.7x, and cash plus available liquidity was approximately $30 million. Full-year 2024 guidance was reiterated at $300 million to $310 million of revenue and $30 million to $34 million of adjusted EBITDA.

Michael Coffey framed the quarter as a strong start, attributing the results to operational improvements made in 2023 and to the company’s “elevating excellence” strategy. He emphasized that margin gains came from better processes, supply-chain changes, improved pricing, and pruning lower-margin products, while also saying the business is tracking ahead of schedule toward its 2025 targets. His tone was upbeat but cautious on timing, especially around when order intake will recover, and he repeatedly stressed disciplined execution and a preference to underpromise and overdeliver.

Joseph Doolan walked through the quarter’s financial performance and balance sheet, citing $73.3 million of revenue, $16.9 million of gross profit, $4.9 million of operating income, and $8.4 million of adjusted EBITDA. He noted SG&A was $11.1 million, essentially flat year over year, and said the company has been holding operating expenses steady despite growth and investment. On liquidity, he said net debt was $86.4 million, leverage improved to 2.7x from 2.9x, and total cash plus available liquidity was about $30 million. He also said working capital usage should normalize, which could improve free cash flow conversion and further reduce leverage by year-end, while full-year guidance stays at $300 million to $310 million of revenue and $30 million to $34 million of adjusted EBITDA.

Analyst Matt Koranda focused on the decline in book-to-bill, asking what would push it back above 1 and what backlog level is healthy. Management said dealer hesitation is tied to inflation and interest rates, but that infrastructure, power generation, and transmission work should support a recovery; they described 4 to 8 months of backlog as a healthy range and said current backlog is moving into that zone. He also asked why guidance was unchanged despite Q1 adjusted EBITDA already exceeding the high end of the annual range; Doolan pointed to seasonality, especially a typically softer third quarter in Europe, and said it is still early to raise the outlook. A final question covered rental fleet growth, and management said the North Texas expansion budget is $7 million, with most of that spending occurring in the first half of the year.