Analyst Summary:
Manitex International Inc. reported its fourth-quarter and full-year results, with a strong year-over-year growth in revenue, Adjusted EBITDA, and profitability. The company introduced a "Elevating Excellence" value creation strategy along with 2025 revenue, Adjusted EBITDA, and Adjusted EBITDA margin targets. Manitex's CEO Michael Coffey stated that the company delivered strong Q4 results due to significant organic revenue growth in lifting equipment and rental segments, sustained margin expansion, and the fourth consecutive quarter of improved profitability. The company also reported robust customer demand across North American and European markets in the fourth quarter, resulting in a 22% YoY growth in total backlog.
Manitex CFO Joseph Doolan said that the company's capital allocation priorities for 2023 will include debt reduction and investments in organic growth. Manitex aims to reduce its net leverage ratio towards the long-term target of at-or-below 3.0x, driven by improved operating cash flow and a decline in maintenance capital expenditures. Manitex's Elevating Excellence initiative will refine its go-to-market strategy, optimize its resource base, enhance its sourcing and procurement, and ensure a disciplined approach to capital allocation. Manitex aims to maintain balance sheet flexibility while sustaining profitable growth.
In Q4 2022, Manitex's net revenue was $78.8 million, up 47.6% YoY, driven by organic growth in Lifting Equipment and contributions from Rabern Rentals acquisition completed in April 2022. The company's Lifting Equipment Segment revenue was $71.5 million, up 33.8% YoY, primarily due to strong demand trends in domestic and international markets, improved throughput in manufacturing facilities, and coordination with suppliers. Manitex's Rental Equipment Segment revenue was $7.3 million, supported by end-market demand in North Texas markets. The company's net income was $0.7 million or $0.04 per diluted share in Q4 2022, compared to a net loss of ($8.1) million or ($0.40) per diluted share in Q4 2021.
As of December 31, 2022, Manitex's total backlog was $230.2 million, up 22% from the end of 2021 and 11% from the end of Q3 2022, driven by a favorable trend in North American and International markets. Manitex has total cash and availability of $36 million, with total debt of $90.3 million. Manitex's Elevating Excellence Initiative aims to drive sustained commercial growth and improved operating performance by focusing on its core values.