MNTX earnings out today....
Manitex International, Inc. Reports 2nd Quarter 2014 Results
Quarterly Sales Increase 9.3% To A Record $68.4 Million
Net Income increases 13.3% to $3.0 Million
Bridgeview, IL, August 6, 2014 — Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced second quarter 2014 results.
Second Quarter 2014 Financial Highlights:
• Second Quarter Net revenues rose 9.3% to a record $68.4 million, from $62.6 million in the year ago period.
• Consolidated backlog at June 30, 2014 increased 32.7% to $102.5 million, from $77.3 million at December 31, 2013, and 2.5% from $100.0 million at March 31, 2014.
• Second Quarter Net income was $3.0 million, an increase of $0.3 million or 12.5% from the second quarter of 2013 of 2.7 million. Earnings per share of $0.22 were unchanged compared to the year ago period.
• Second Quarter EBITDA (1) of $6.3 million or 9.2% of sales, increased 14.2% from $5.5 million and 8.8% of sales in the prior year’s period and was a quarterly record for the Company.
Subsequent to the end of the quarter,
• Announced an agreement to acquire, subject to Italian court approval, PM Group S.P.A., a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with trailing twelve months (TTM) revenues through June 2014 of approximately $106 million.
• Announced that its Manitex Liftking operation has been awarded its third military contract for specialized military specification equipment with approximate revenues of between $30 -$45 million over the next five years. This award from the US Navy brings the value of contracts for deliveries in the next five years secured by Manitex Liftking in the past fourteen months to a range of $75 - $125 million
“Chairman and Chief Executive Officer, David Langevin, commented, “While our quarterly results were slightly below plan, we continued to grow our revenues to new highs with solid bottom line net income while EBITDA margins were in-line with our historic levels. The strategic direction we’ve taken to expand our product portfolio and diversify our revenue sources through in-house development and acquisitions continues to serve us well. We saw gradual improvement in demand from Europe produce improved order intake and product sales. Our backlog is up, though modestly, and unit production too, has moved higher compared to a year ago. We are excited about our recently announced pending acquisition of PM Group, and look forward to completing the acquisition and as we move forward, producing increased revenues and profits for our shareholders. While the transaction is not anticipated to close until the fourth quarter, we look forward to emerging from 2014 as a much larger and stronger entity and moving on into 2015 we will be growing into a new stage in our development from a base in excess of $350 million in pro-forma run-rate revenues.”
Second quarter 2014 revenues increased $5.8 million or 9.3% from the second quarter 2013 to $68.4 million a quarterly record for the Company. However, the quarter’s revenues would have exceeded $70 million if not for a number of government ordered units that shipped internationally at the end of the quarter that were still in transit and therefore unrecognized at the quarters end. Second quarter 2014 revenues include the benefit of $6.4 million
3“Focused manufacturer of engineered lifting equipment”Overview•Record quarterly sales & EBITDA with net income equal to previous highs: –Salesof$68.4million(9.3%increase)–Netincomeof$3.0million(12.5%increase)–EBITDA$6.3million(14.2%increase),9.2%ofsales–EPS$0.22(unchangedfromQ2-2013,but1.5millionmoredilutedshares)•Continued increase in order intake in Q2-2014 provides YTD increase in backlog of ~33% to $102.5 million. •July 21st , announced agreement to acquire PM Group S.p.A. subject to Italian court approval. Based near Modena, Italy, PM Group had June 30, 2014 trailing twelve month revenues of approximately $106 million. Expected to close in Q4- 2014.
4“Focused manufacturer of engineered lifting equipment”Commercial Overview•Order demand in the quarter saw some stronger demand in Europe for CVS and in N.America for lower tonnage crane products•Book to bill ratio of 104% in Q2-2014, compared to 82% for Q2-2013 and 136% for Q1-2014.•Relatively slow growth in N. America and a long way from the peak of 2007-8. •Expect to see energy developments pick up in medium term. As at July 25, N. America rig count YOY increase of 8.2% (173 rigs)•European markets continue to improve•Product order profile has shown an increase in smaller / mid-range tonnage cranes reflecting increase in general construction activity. Commercial material handling equipment slower but container handling equipment showed stronger demand in the quarter and expected to grow further. •Awarded third military contract for specialized military specification equipment with approximate revenues of between $30 -$45 million over the next five years. This award from the US Navy brings the value of contracts for deliveries in the next five years secured by Manitex Liftking in the past fourteen months to a range of $75 -$125 million.•6/30/14 Backlog of $102.5 million (12/31/13, $77.3 million): •Broad based order book with stronger representation from CVS andfrom lower capacity cranes•Strong order intake in Q2-2014 for container handling equipment (CVS)
5Key Figures -Quarterly“Focused manufacturer of engineered lifting equipment”USD thousandsQ2-2014Q2-2013Q1-2014Net sales$68,399$62,554$62,576% change in Q2-2014 to prior period9.3%9.3%Gross profit13,14412,26011,604Gross margin %19.2%19.6%18.5%Operating expenses 7,9667,6567,993Net Income 2,9862,6551,877Earnings Per Share$0.22$0.22$0.14Ebitda6,2935,5134,722Ebitda % of Sales9.2%8.8%7.5%Working capital 84,39270,17975,171 Current ratio 2.5 2.6 2.5 Backlog $102,517 $96,637 $100,023 % change in Q2-2014 to prior period 6.1% 2.5%
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