false 0001302028 0001302028 2023-11-02 2023-11-02
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of the earliest event reported) November 2, 2023
MANITEX INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Michigan |
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001-32401 |
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42-1628978 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
9725 Industrial Drive, Bridgeview, Illinois 60455
(Address of Principal Executive Offices) (Zip Code)
(708) 430-7500
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, no par value |
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MNTX |
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The NASDAQ Stock Market LLC |
Item 2.02 |
Results of Operations and Financial Condition. |
On November 2, 2023, Manitex International, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the third quarter ended September 30, 2023 (the “Press Release”). The full text of the Press Release is being furnished as Exhibit 99.1 to this Current Report. The Company’s conference call and webcast will take place today November 2, 2023 at 9:00 am eastern time to discuss the third quarter 2023 results. The exhibit can be accessed from the Investor Relations section of the Company’s website at www.ManitexInternational.com.
The information in this Current Report (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The Company references certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached Press Release. Disclosures regarding definitions of these financial measures used by the Company and why the Company’s management believes these financial measures provide useful information to investors is also included in the Press Release.
Item 9.01 |
Financial Statements and Exhibits. |
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company Transactions.
Not applicable.
(d) Exhibits.
See the Exhibit Index set forth below for a list of exhibits included with this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.
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MANITEX INTERNATIONAL, INC. |
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By: |
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/s/ Joseph Doolan |
Name: |
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Joseph Doolan |
Title: |
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Chief Financial Officer |
Date: November 2, 2023
Exhibit 99.1
MANITEX INTERNATIONAL REPORTS THIRD QUARTER 2023 RESULTS
Bridgeview, IL, November 2, 2023 Manitex International, Inc. (Nasdaq: MNTX) (Manitex or the
Company), a leading international provider of truck cranes, specialized industrial equipment, and construction equipment rental solutions to infrastructure and construction markets, today reported financial results for the three
months ended September 30, 2023.
THIRD QUARTER 2023 RESULTS
(all comparisons versus the prior year period unless otherwise noted)
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Net revenue of $71.3 million, +9.7% |
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Gross profit of $16.6 million +34.4%; gross margin of 23.3%, +427 basis points |
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GAAP Net Income of $1.7 million; Adjusted Net Income of $2.9 million, or $0.14 per diluted share
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Adjusted EBITDA of $8.5 million, +61.7%; Adjusted EBITDA margin of 11.9%, +381 basis points
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TTM Adjusted EBITDA now 10.2% |
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Backlog of $196.9 million, -4.9% |
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Net leverage of 2.9X, down from 3.9X at December 31, 2022; total liquidity of $29 million
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Increasing full year guidance |
MANAGEMENT COMMENTARY
Our strong third quarter
results demonstrate continued progress on our multi-year business transformation strategy, stated Michael Coffey, CEO of Manitex. Revenue, margin realization and Adjusted EBITDA increased materially versus the prior year, while net
leverage declined for the fifth consecutive quarter, consistent with our focus on balance sheet optimization.
Earlier this year we introduced our
new strategy, Elevating Excellence, promising targeted commercial growth, improved production output and higher margins, continued Coffey. Driven by the extraordinary efforts of our manufacturing team, third quarter revenue increased 10%
on an organic basis versus the prior year period. Lifting equipment revenue, when adjusting for year-over-year chassis sale reductions, improved 21% in the quarter. I am very proud of the team and their diligence.
The early benefits of our initiatives have meaningfully exceeded expectations, resulting in significant margin expansion and improved profitability for
the organization, continued Coffey. Third quarter gross margin increased 427 basis points on a year-over-year basis to 23.3%, or more than 200 basis points higher than any quarter weve reported in more than five years. We are
pleased with the improved margins and see further opportunities in the future.
Adjusted EBITDA margin was 11.9% in the third quarter, up
nearly 400 basis points from the prior year, continued Coffey. Adjusted EBITDA grew 60% in the period. Trailing twelve-month EBITDA margins are now 10.2%, achieving short term goal we set for 2023. We are well positioned and on track to
achieve our mid-term goals ahead of schedule.
Last quarter we indicated that backlog would begin to decline from historically high levels,
continued Coffey. The decline is driven by higher production levels, seasonal customer order timing, and modest order intake declines in Western Europe. Our total backlog at quarter end was $197 million and remains 3-times pre-pandemic levels. Year-to-date book-to-build ratios are also strong as is customer sentiment. Given favorable underlying demand within core infrastructure, energy and mining markets, we remain confident that Manitex will continue to
deliver the above-market growth outlined in our multi-year plan.
Our net debt to trailing twelve-month adjusted EBITDA declined to 2.9x at
the end of the third quarter, below our 2023 target of 3.0x, stated Joseph Doolan, Chief Financial Officer of Manitex. Throughout 2023, we maintained high levels of working capital, slowing our debt reduction plans. We remain highly
focused on further improving working capital efficiency over the coming quarters. Our total liquidity of nearly $29 million, which includes total cash and availability under our credit facilities, provides us with ample financial flexibility to
support our organic growth initiatives into 2024.
At Manitex, were building a highly efficient equipment solutions platform equipped to
drive sustained, profitable growth through the cycle, stated Coffey. Our third quarter results highlight both the measurable progress weve made on our internal initiatives in a relatively short period of time, while signaling the
significant growth potential evident within our business. Based on our strong third quarter results and the continued momentum in our business, we are pleased to be raising our full-year 2023 guidance and remain
on-track to achieve our 2025 financial targets detailed in our Elevating Excellence strategy.
THIRD QUARTER 2023 PERFORMANCE
Manitex reported net
revenue of $71.3 million in the third quarter 2023, an increase of 9.7% versus the prior-year period, driven by growth in the lifting segment. Revenue growth was negatively impacted by $4.0 million, or approximately 6%, due to lower truck
chassis sales, which are largely pass-through revenue items. The Company continues to expect lower chassis sales to be a headwind to reported sales growth and a benefit to reported gross margin in 2023.
Lifting Equipment Segment revenue was $63.7 million in the third quarter 2023, an increase of 11%, versus the prior-year period, or an increase of 21%
when excluding the impact of truck chassis sales in the quarter. The sales growth is a direct result of improvements in manufacturing throughput, as well as favorable demand trends in both domestic and international markets. In North America, strong
project activity from energy and infrastructure markets continues to drive robust activity levels, while international markets are benefitting from infrastructure projects in Europe and continued strength from mining activity in South America.
Rental Equipment Segment revenue was $7.6 million in the third quarter 2023, supported by strong end-market
demand in key North Texas markets, including contribution from the Lubbock, Texas location that opened in March 2023. The Rabern business benefitted from the deployment of new rental fleet acquired in 2022, pricing gains, and our expansion into the
Lubbock market.
Total gross profit was $16.6 million in the third quarter, an increase from $12.3 million in the prior-year period due to
revenue growth, operational improvement initiatives, improved pricing realization and sales mix. As a result of these factors, gross profit margin increased 427 basis points to 23.3% during the third quarter 2023. The higher US-based steel prices that were a headwind during the second quarter were less of a factor during the third quarter, as the Company has successfully implemented product surcharges in an effort to offset the rising
price of steel.
SG&A expense was $10.5 million for the third quarter, compared to $10.4 million for the
comparable period last year. R&D costs of $0.9 million were up modestly from $0.7 million last year.
Operating income was $5.2 million
for the third quarter 2023, compared to $1.2 million for the same period last year. Third quarter operating margin was 7.3%, an improvement from 1.9% in the prior year period. The year-over-year improvement in operating income was driven by the
strong operating performance and disciplined cost control.
The Company delivered GAAP Net Income of $1.7 million, or $0.08 per diluted share, for
the third quarter 2023, compared to a net loss of ($3.4) million, or ($0.17) per diluted share, for the same period last year.
Adjusted EBITDA was
$8.5 million for the third quarter 2023, or 11.9% of sales, compared to $5.2 million, or 8.0% of sales, for the same period last year. See Non-GAAP reconciliations in the appendix of this release.
As of September 30, 2023, total backlog was $196.9 million, down 4.9% from the end of the third quarter 2022, driven by the increased
production velocity.
BALANCE SHEET AND LIQUIDITY
As
of September 30, 2023, total debt was $91.3 million. Cash and cash equivalents as of September 30, 2023, were $4.9 million, resulting in net debt of $86.4 million, an improvement of $1.4 million for the quarter. Net
leverage was 2.9x at the end of third quarter 2023, down from 3.9x at the end of fourth quarter 2022. As of September 30, 2023, Manitex had total cash and availability of approximately $29 million.
FINANCIAL OUTLOOK
Based on the better than expected third quarter results and continued momentum in the business, the Company increased financial guidance for the full-year
2023. The increased financial targets reflect the underlying strength of the Companys end markets, market share gains, and margin improvements driven by operational benefits from the Elevating Excellence initiatives. The Companys updated
financial targets are detailed in the following table.
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($ in millions) |
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Full-Year 2022 Actual |
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Full-Year 2023 |
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Total Revenue |
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$ |
273.9 |
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$ |
285 to $290 |
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Total Adjusted EBITDA |
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$ |
21.3 |
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$ |
28 to $30 |
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Total Adjusted EBITDA Margin |
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7.8 |
% |
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9.7% to 10.5 |
% |
These targets are current as of the time provided and subject to change, given markets conditions.
THIRD QUARTER 2023 RESULTS CONFERENCE CALL
Manitex will
host a conference call today at 9:00 AM ET to discuss the Companys third quarter 2023 results and updated corporate strategy.
A webcast of the
conference call and accompanying presentation materials will be available in the Investor Relations section of the Manitex website at https://www.manitexinternational.com/eventspresentations.aspx, and a replay of the webcast will be available
at the same time shortly after the webcast is complete.
To participate in the live teleconference:
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Domestic Live: |
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(855) 327-6837 |
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International Live: |
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(631) 891-4304 |
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To listen to a replay of the teleconference, which will be available through August 17, 2023:
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Domestic Replay: |
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(844) 512-2921 |
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International Replay: |
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(412) 317-6671 |
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Passcode: |
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10022684 |
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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 Companys 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 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 expenditures 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. All per share amounts are on a fully diluted basis. The quarterly amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as
of the dates indicated.
ABOUT MANITEX INTERNATIONAL
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,
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 Companys 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 managements 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 Companys future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional
information are discussed in the Companys filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon
reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as
a result of new information, future developments or otherwise.
IR CONTACT
Paul Bartolai or Noel Ryan
MNTX@val-adv.com
MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands,
except share and per share data)
(Unaudited)
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September 30, 2023 |
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December 31, 2022 |
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ASSETS |
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Current assets |
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Cash |
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$ |
4,673 |
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$ |
7,973 |
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Cash restricted |
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|
203 |
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217 |
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Trade receivables (net) |
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|
47,114 |
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43,856 |
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Other receivables |
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|
1,059 |
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|
1,750 |
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Inventory (net) |
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85,186 |
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|
69,801 |
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Prepaid expense and other current assets |
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2,748 |
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3,907 |
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Total current assets |
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140,983 |
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127,504 |
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Total fixed assets, net of accumulated depreciation of $28,382 and $22,441 at September 30,
2023 and December 31, 2022, respectively |
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48,747 |
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51,697 |
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Operating lease assets |
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7,498 |
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5,667 |
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Intangible assets (net) |
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12,769 |
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14,367 |
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Goodwill |
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36,674 |
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36,916 |
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Deferred tax assets |
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452 |
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|
452 |
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Total assets |
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$ |
247,123 |
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$ |
236,603 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
50,665 |
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$ |
45,682 |
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Accrued expenses |
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13,780 |
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|
12,379 |
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Related party payables (net) |
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13 |
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|
|
60 |
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Notes payable |
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18,640 |
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|
22,666 |
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Current portion of finance lease obligations |
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579 |
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|
509 |
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Current portion of operating lease obligations |
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1,998 |
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|
|
1,758 |
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Customer deposits |
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2,220 |
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3,407 |
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Total current liabilities |
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87,895 |
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86,461 |
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Long-term liabilities |
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Revolving term credit facilities (net) |
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48,259 |
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41,479 |
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Notes payable (net) |
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20,857 |
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22,261 |
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Finance lease obligations (net of current portion) |
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2,940 |
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3,382 |
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Operating lease obligations (net of current portion) |
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5,500 |
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3,909 |
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Deferred gain on sale of property |
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|
367 |
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427 |
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Deferred tax liability |
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4,574 |
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5,151 |
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Other long-term liabilities |
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5,057 |
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5,572 |
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Total long-term liabilities |
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87,554 |
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82,181 |
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Total liabilities |
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175,449 |
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168,642 |
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Commitments and contingencies |
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Equity |
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Preferred StockAuthorized 150,000 shares, no shares issued or outstanding at
September 30, 2023 and December 31, 2022 |
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Common Stockno par value 25,000,000 shares authorized, 20,252,114 and 20,107,014 shares
issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
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134,294 |
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133,289 |
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Paid-in capital |
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5,014 |
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4,266 |
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Retained deficit |
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(71,182 |
) |
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(73,338 |
) |
Accumulated other comprehensive loss |
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(6,261 |
) |
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(5,822 |
) |
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Equity attributable to shareholders of Manitex International |
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61,865 |
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|
58,395 |
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Equity attributed to noncontrolling interest |
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9,809 |
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9,566 |
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Total equity |
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71,674 |
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|
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67,961 |
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|
|
|
|
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Total liabilities and equity |
|
$ |
247,123 |
|
|
$ |
236,603 |
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|
|
|
|
|
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MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except for share and per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Net revenues |
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$ |
71,331 |
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$ |
65,037 |
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$ |
212,736 |
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$ |
195,034 |
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Cost of sales |
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54,746 |
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|
|
52,693 |
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|
|
166,806 |
|
|
|
160,198 |
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|
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Gross profit |
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|
16,585 |
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|
|
12,344 |
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|
45,930 |
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|
34,836 |
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Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development costs |
|
$ |
861 |
|
|
$ |
659 |
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|
|
2,512 |
|
|
|
2,095 |
|
Selling, general and administrative expenses |
|
|
10,545 |
|
|
|
10,440 |
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|
|
32,342 |
|
|
|
30,317 |
|
Transaction costs |
|
|
|
|
|
|
37 |
|
|
|
|
|
|
|
2,236 |
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|
|
|
|
|
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|
|
|
|
|
|
|
|
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Total operating expenses |
|
|
11,406 |
|
|
|
11,136 |
|
|
|
34,854 |
|
|
|
34,648 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
5,179 |
|
|
|
1,208 |
|
|
|
11,076 |
|
|
|
188 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,997 |
) |
|
|
(1,409 |
) |
|
|
(5,658 |
) |
|
|
(2,982 |
) |
Interest income |
|
|
141 |
|
|
|
|
|
|
|
141 |
|
|
|
3 |
|
Foreign currency transaction gain (loss) |
|
|
(883 |
) |
|
|
175 |
|
|
|
(1,656 |
) |
|
|
268 |
|
Other income (expense) |
|
|
196 |
|
|
|
(2,852 |
) |
|
|
(541 |
) |
|
|
(1,864 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total other expense |
|
|
(2,543 |
) |
|
|
(4,086 |
) |
|
|
(7,714 |
) |
|
|
(4,575 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
2,636 |
|
|
|
(2,878 |
) |
|
|
3,362 |
|
|
|
(4,387 |
) |
Income tax expense (benefit) |
|
|
742 |
|
|
|
206 |
|
|
|
962 |
|
|
|
570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
1,894 |
|
|
|
(3,084 |
) |
|
|
2,400 |
|
|
|
(4,957 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interest |
|
|
194 |
|
|
|
288 |
|
|
|
243 |
|
|
|
442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to shareholders of Manitex International,
Inc. |
|
$ |
1,700 |
|
|
$ |
(3,372 |
) |
|
$ |
2,157 |
|
|
$ |
(5,399 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
(0.17 |
) |
|
$ |
0.11 |
|
|
$ |
(0.27 |
) |
Diluted |
|
$ |
0.08 |
|
|
$ |
(0.17 |
) |
|
$ |
0.11 |
|
|
$ |
(0.27 |
) |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,252,114 |
|
|
|
20,094,475 |
|
|
|
20,193,696 |
|
|
|
20,039,981 |
|
Diluted |
|
|
20,254,830 |
|
|
|
20,094,475 |
|
|
|
20,196,255 |
|
|
|
20,039,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales and Gross Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, 2023 |
|
|
|
|
|
June 30, 2023 |
|
|
|
|
|
September 30, 2022 |
|
|
|
|
|
|
As Reported |
|
|
As Adjusted |
|
|
As Reported |
|
|
As Adjusted |
|
|
As Reported |
|
|
As Adjusted |
|
Net sales |
|
$ |
71,331 |
|
|
$ |
71,331 |
|
|
$ |
73,534 |
|
|
$ |
73,534 |
|
|
$ |
65,037 |
|
|
$ |
65,037 |
|
% change Vs Q2 2023 |
|
|
(3.0 |
%) |
|
|
(3.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change Vs Q3 2022 |
|
|
9.7 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
16,585 |
|
|
|
16,585 |
|
|
|
14,935 |
|
|
|
14,935 |
|
|
|
12,344 |
|
|
|
12,354 |
|
Gross margin % of net sales |
|
|
23.3 |
% |
|
|
23.3 |
% |
|
|
20.3 |
% |
|
|
20.3 |
% |
|
|
19.0 |
% |
|
|
19.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
Sept 30, 2023 |
|
|
June 30, 2023 |
|
|
Mar 31, 2023 |
|
|
Dec 31, 2022 |
|
|
Sept 30, 2022 |
|
Backlog from continuing operations |
|
|
196,872 |
|
|
|
223,236 |
|
|
|
238,096 |
|
|
|
230,206 |
|
|
|
207,032 |
|
Change Versus Current Period |
|
|
|
|
|
|
(11.8%) |
|
|
|
(17.3%) |
|
|
|
(14.5%) |
|
|
|
(4.9%) |
|
Backlog is defined as orders for equipment which have not yet shipped as well as orders by foreign subsidiaries for
international deliveries. The disclosure of backlog aids in the analysis the Companys customers demand for product, as well as the ability of the Company to meet that demand.
Backlog is not necessarily indicative of sales to be recognized in a specified future period.
Reconciliation of Net Income (Loss) Attributable to Shareholders of Manitex International, Inc. to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
September 30, 2022 |
|
Net income (loss) attributable to shareholders of Manitex International, Inc. |
|
$ |
1,700 |
|
|
$ |
404 |
|
|
$ |
(3,372 |
) |
Adjustments, including net tax impact |
|
|
1,222 |
|
|
|
1,307 |
|
|
|
4,077 |
|
Adjusted net income (loss) attributable to shareholders of Manitex International, Inc. |
|
$ |
2,922 |
|
|
$ |
1,711 |
|
|
$ |
705 |
|
Weighted diluted shares outstanding |
|
|
20,254,830 |
|
|
|
20,209,959 |
|
|
|
20,094,475 |
|
Diluted earnings (loss) per share as reported |
|
$ |
0.08 |
|
|
$ |
0.02 |
|
|
$ |
(0.17 |
) |
Total EPS effect |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
0.21 |
|
Adjusted diluted earnings (loss) per share |
|
$ |
0.14 |
|
|
$ |
0.08 |
|
|
$ |
0.04 |
|
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
September 30, 2022 |
|
Net Income (loss) |
|
$ |
1,894 |
|
|
$ |
532 |
|
|
$ |
(3,084 |
) |
Interest expense |
|
|
1,856 |
|
|
|
1,896 |
|
|
|
1,409 |
|
Tax expense |
|
|
742 |
|
|
|
207 |
|
|
|
206 |
|
Depreciation and amortization expense |
|
|
2,739 |
|
|
|
2,869 |
|
|
|
2,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
7,231 |
|
|
$ |
5,504 |
|
|
$ |
1,145 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation |
|
$ |
457 |
|
|
$ |
588 |
|
|
$ |
749 |
|
FX |
|
|
883 |
|
|
|
718 |
|
|
|
(175 |
) |
Pension settlement |
|
|
(118 |
) |
|
|
|
|
|
|
|
|
Litigation / legal settlement |
|
|
|
|
|
|
|
|
|
|
3,171 |
|
Severance / restructuring costs |
|
|
|
|
|
|
|
|
|
|
294 |
|
Rabern transaction costs |
|
|
|
|
|
|
|
|
|
|
37 |
|
Other |
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjustments |
|
$ |
1,222 |
|
|
$ |
1,306 |
|
|
$ |
4,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
8,453 |
|
|
$ |
6,810 |
|
|
$ |
5,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA as % of sales |
|
|
11.9 |
% |
|
|
9.3 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
September 30, 2022 |
|
Total cash & cash equivalents |
|
$ |
4,876 |
|
|
$ |
7,302 |
|
|
$ |
11,865 |
|
Notes payable - short term |
|
$ |
18,640 |
|
|
$ |
23,857 |
|
|
$ |
16,486 |
|
Current portion of finance leases |
|
|
579 |
|
|
|
555 |
|
|
|
487 |
|
Notes payable - long term |
|
|
20,857 |
|
|
|
21,585 |
|
|
|
23,829 |
|
Finance lease obligations - LT |
|
|
2,940 |
|
|
|
3,093 |
|
|
|
3,518 |
|
Revolver, net |
|
|
48,259 |
|
|
|
45,982 |
|
|
|
53,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
$ |
91,275 |
|
|
$ |
95,072 |
|
|
$ |
97,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt |
|
$ |
86,399 |
|
|
$ |
87,770 |
|
|
$ |
85,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt is calculated using the Consolidated Balance Sheet amounts for current and long-term portion of long-term debt,
capital lease obligations, notes payable, and revolving credit facilities minus cash and cash equivalents.
Exhibit 99.2 Third Quarter 2023 Results Conference Call November 2, 2023
Safe Harbor Statement Safe Harbor Statement under the U.S. Private
Securities Litigation Reform Act of 1995: This presentation 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 to differ
significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and
statements in this presentation should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of
the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2 2
Key Messages Third Quarter 2023 Highlights ❖ Elevated Backlog
Levels ❖ Solid Revenue Growth Performance Revenue increased 10% during 3Q23 Backlog decreased versus last year owing to increased throughput and driven by organic growth in lifting highlighted by organic equipment order timing, but backlog
remains at elevated levels relative to historical growth, continued ❖ Rental Momentum trends operating execution, Continued favorable demand drivers in core markets, pricing benefits and and meaningful margin ❖ Elevating Excellence
ramp-up of new branch in Lubbock, Continued progress on strategic initiatives expansion TX including growing momentum in new product introductions, ramp of new Rental ❖ Operating Execution branch in Lubbock, and strong execution 3Q23 Gross
Margin increased 427 bps • 10% revenue growth driven on manufacturing throughput to 23.3%, driven by pricing benefits, by strong organic growth in improved productivity, and increased lifting equipment fixed cost absorption ❖ Raising
2023 Targets Based on favorable end market trends, • Strong execution drove 427 combined with continued operational bps of y/y 3Q23 gross margin ❖ EBITDA Margin Expansion execution, raising 2023 financial targets; expansion Adjusted
EBITDA margin of 11.9% EBITDA forecast assumes nearly 40% improved significantly y/y growth at the mid-point of the new • Record EBITDA margin of guidance range 11.9% resulted in 62% EBITDA growth 3
Value Creation Roadmap We introduced Elevating Excellence Initiative in
First Quarter 2023 Manitex introduced its Elevating Excellence initiative in the first Manitex has identified quarter 2023 representing a new long-term value creation strategy historical challenges to profitable growth • Too many go-to-market
Disciplined Targeted Sustained Operational brands - diluted brand Capital identity Commercial Excellence Allocation • Unrealized synergies of Expansion scale • Lack of production velocity High-return organic growth Organic share
expansion Optimize operating structure; product • Ineffective structure investments; invest from in favorable markets mix optimization; increased facility cash flow; opportunistic, • Lack of data-centric (North America / Western
utilization; supply chain optimization; accretive bolt-on Europe); Share expansion improved fixed cost absorption reporting (KPI, balanced acquisitions in of PM | Oil & Steel and scorecard) complementary adjacent Valla in the USA markets Our
Past Our Path Forward 4
Targeted Commercial Expansion Drive above-market organic growth,
leveraging incumbent position Retain leadership position within Straight Mast market, while investing Manitex will leverage in higher-growth, underpenetrated adjacent markets its incumbent, Delivering “One Driving balanced growth across
Relative growth leadership position in new and existing markets Manitex” to the market contribution by product Straight Mast Cranes Market Share Expansion to expand across Market Share | Growth Leverage strong market share in Valla PM straight
mast cranes to grow Articulated, Industrial articulated cranes, Industrial Cranes Straight Mast Manitex Lifting, and AWP share in N.A. Lift / AWP and Rental Simplify Brand Identity Markets Simplify our go-to-market branding, supporting our dealers
with segmented brands serving • Manitex has 35% market share specific applications within the domestic Straight Enhanced Product Distribution Mast market O&S Consolidate distribution across AWP Articulated Rental targeted geographies
• Brand consolidation, Industrial Lift & market positioning will help to Product Innovation AWPs drive organic share gains in Rentals Invest in new, adjacent markets customer-led innovation and Growth product development 5 Share
Sustained Operational Excellence Building a durable, more efficient
business to drive profitable growth Key drivers of multi-year margin improvement, Manitex intends weighted by potential anticipated margin uplift to drive productivity and efficiency improvements in Product support of profitable Mix Process growth
through Parts Sales the cycle Supply Chain • Implement a lean, more efficient organizational structure, increase production velocity, expand 2023 Priorities 2024 Priorities 2025 Priorities sourcing and procurement capabilities, improve •
Systems utilization (Process • Drive growth of PM | Oil & Steel | • Product rationalization inventory management, Improvements) Valla in NA • Strategic, bolt-on acquisitions leverage data and analytics • Rationalize &
Centralize supply chain• Rental growth and margin in support of cultural expansion • Improve capacity utilization accountability • Position new dealers and NA channel support 6
Disciplined Capital Allocation Prioritize reduction in net leverage,
targeted organic growth investments Manitex intends to reduce net leverage, while continuing to optimize liquidity with which to support organic growth across the business 2023-2024 Acquisition Criteria Capital allocation priorities 1. Reduce net
leverage towards target of 3.0x or less 2. Selectively invest in new organic growth opportunities Revenue and Product line | Technical accretive 3. Opportunistic, shareholder-friendly return of capital Aftermarket end-market capabilities margin
appeal expansion expansion synergies 2025+ Capital allocation priorities 1. Strategic, bolt-on acquisitions 2. Selectively invest in new organic growth opportunities 3. Opportunistic, shareholder-friendly return of capital Building a more efficient,
lean organization before we begin to pursue strategic acquisitions 7
2025 Financial Targets Positioned to drive significant organic growth
and margin expansion 2022A-2025E Between YE 2022 and Revenue Bridge ($MM) EBITDA Bridge ($MM) EBITDA Margin (%) YE 2025, Manitex ~25% ~65-110% +300-500 bps intends to deliver revenue growth at EBITDA growth of margin expansion incremental growth
mid-point of range 11% to 13% in revenue, EBITDA and EBITDA margin $325 to $360 $35 to $45 8% $274 realization through a $21 combination of commercial 2022 2025E 2022 2025E 2022 2025E expansion, sustained operational Revenue Drivers Margin Drivers
(2024 and 2025 Focus on Growth) (2023 is a foundational year with focus on margins / process and systems) excellence and disciplined • End-market growth• Improved fixed-cost absorption through improved operating leverage • Improved
capacity utilization• Reweight product mix toward higher-margin offering capital allocation • Product innovation / NPD• Centralization of procurement and supply chain • Market share gains 8
Third Quarter 2023 Results
3Q23 Financial Performance Strong operational and commercial execution,
Elevating Excellence initiatives underway 3Q23 results highlighted by strong organic growth in Lifting Equipment, meaningful EBITDA margin expansion, and progress on Elevating Excellence initiatives Third Quarter 2023 Elevating Excellence Key
Highlights Key Highlights Strong customer response for new product Revenue increased 10% driven by strong organic introductions growth in Lifting Equipment Targeting significant new product introductions in Backlog decreased 5% to $197 million due
to 2023 increased manufacturing throughput and order timing; at nine months of sales, backlog remains Ramp of new Rental location in Lubbock, TX at healthy levels Ongoing resource optimization initiatives driving Gross margin of 23.3% up 427 bps due
to higher improvement in manufacturing throughput pricing, better manufacturing throughput, and New sourcing initiatives provide opportunity for efficiency gains incremental cost savings Adjusted EBITDA increased 62% y/y Net leverage of 2.9x, down
from 3.9x at year-end 2022, achieved goal of 3.0x ahead of plan EBITDA margin of 11.9%, up 381 basis points 10 10
3Q23 Performance Summary Strong backlog growth, meaningful margin
improvement 10% y/y Revenue Growth 5% y/y Backlog Decline Favorable end ($MM) ($MM) market trends and $78.8 $238.1 $230.2 strong execution $223.2 $73.5 $71.3 $207.0 $67.9 $196.9 $65.0 • Revenue growth due to favorable market trends benefitting
Lifting Equipment 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 • 5% backlog decrease at 9/30/23 owing to increased throughput 427 bps y/y Gross Margin Expansion 62% y/y Adjusted EBITDA Growth • Gross margin improved 427 bps (%)
($MM) y/y due to operational 23.3% 21.2% improvement and more favorable $8.5 20.3% $8.1 19.3% 19.0% pricing $6.8 $6.3 $5.2 • Trailing twelve-month EBITDA of $29.7 million, up from $13.4 million in the prior twelve-month period. 3Q22 4Q22 1Q23
2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 11
Disciplined Balance Sheet Management Focus on debt reduction and
investment in organic growth initiatives Net Leverage Ratio Cash and Availability Capital allocation ($MM) (Net debt to Adjusted EBITDA) focused on debt $37.6 $36.6 $35.9 $31.2 reduction and organic $28.7 3.9x growth initiatives 3.5x 3.3x 3.0x
• Stable liquidity profile, modest 2.9x decline due to normal seasonal 2021 2022 1Q23 2Q23 3Q23 working capital requirements • Debt levels increased following Net Debt the acquisition of Rabern ($MM) completed in Apr-22 $87.8 $86.0 $86.4
$82.1 • Net leverage of 2.9x, down from 3.9x at YE22 driven by strong EBITDA growth. Achieved long- $23.8 term target of 3.0x or less ahead of plan 2021 2022 1Q23 2Q23 3Q23 2021 2022 1Q23 2Q23 3Q23 12
Full-Year 2023 Financial Guidance Raising Outlook, reflects nearly 40%
Adjusted EBITDA growth and continued margin expansion Raised Guidance reflects favorable end market trends and progress on Elevating Excellence initiatives $ in millions Fiscal Full-Year 2022 Fiscal Full-Year 2023 Revenue $273.9 $285 to $290 •
Continued end market momentum and contribution Adjusted EBITDA $21.3 $28 to $30 from new products driving solid Adjusted EBITDA Margin 7.8% 9.7% to 10.5% revenue growth • Improved production velocity and operating efficiencies resulting in
margin expansion and strong Adjusted EBITDA growth • Expect continued balance sheet de-leveraging 13
Appendix
Statement on Non-GAAP Financial Measures NON-GAAP FINANCIAL MEASURES
AND OTHER ITEMS In this presentation, 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 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 presentation. All per share amounts are on a fully diluted basis. The quarterly amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of the dates indicated.
15
Appendix - Reconciliations Reconciliation of GAAP Net Income (Loss) to
Adjusted Net Income (Loss) Reconciliation of Net Income (Loss) Attributable to Shareholders of Manitex International, Inc. to Adjusted Net Income Three Months Ended September 30, 2023 June 30, 2023 September 30, 2022 Net income (loss) attributable
to shareholders of Manitex $ 1,700 $ 404 $ (3,372) International, Inc. Adjustments, including net tax impact 1,222 1,307 4,077 Adjusted net income (loss) attributable to shareholders of $ 2 ,922 $ 1,711 $ 705 Manitex International, Inc. Weighted
diluted shares outstanding 20,254,830 20,209,959 20,094,475 Diluted earnings (loss) per share as reported $ 0 .08 $ 0 .02 $ (0.17) Total EPS effect $ 0.06 $ 0 .06 $ 0 .21 Adjusted diluted earnings (loss) per share $ 0.14 $ 0.08 $ 0 .04 16
Appendix - Reconciliations Reconciliation of GAAP Net Income (Loss) to
Adjusted EBITDA Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA Three Months Ended September 30, 2023 June 30, 2023 September 30, 2022 Net Income (loss) $ 1,894 $ 532 $ (3,084) Interest expense 1,856 1,896 1,409 Tax expense 742 207 206
Depreciation and amortization expense 2,739 2,869 2,614 EBITDA $ 7,231 $ 5,504 $ 1,145 Adjustments: Stock compensation $ 457 $ 588 $ 749 FX 883 718 (175) Pension settlement (118) - - Litigation / legal settlement - - 3,171 Severance / restructuring
costs - - 294 Rabern transaction costs - - 37 Other - - 5 Total Adjustments $ 1,222 $ 1,306 $ 4,081 Adjusted EBITDA $ 8,453 $ 6,810 $ 5,226 Adjusted EBITDA as % of sales 11.9% 9.3% 8.0% 17
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