Manitex International
(
MNTX
) is a Zacks #1 Rank (Strong Buy) ) which has met or beat earnings
in the last seven quarters. The company has also seen estimates
move higher and has a large implied earnings growth rate for 2013.
Company Description
Manitex International, Inc. provides engineered lifting solutions.
The company operates through two segments, Lifting Equipment and
Equipment Distribution. The Lifting Equipment segment designs,
manufactures, and distributes boom trucks and crane products that
are primarily used for industrial projects and energy exploration.
The Equipment Distribution segment distributes rough terrain and
truck cranes, material handlers, boom trucks, and sky cranes for
infrastructure development and commercial construction; supplies
repair parts for various medium to heavy duty construction
equipment. Manitex International was founded in 1993 and is based
in Bridgeview, Illinois.
MNTX Meets or Beats Expectations for Seven Straight
Quarters
Manitex International has met or topped the Zacks Consensus
Estimate in each of the last seven quarters. Over the course of the
last six reports, there were two quarters that were reported in
line with expectations and four that topped the Zack Consensus
Estimate. The largest beat, coming in the September 2011 quarter,
saw little movement in the stock, less than a 1% move and it was to
the downside. The company reported earnings of $0.09 in that
quarter, $0.03 ahead of the Zacks Consensus Estimate for a 50%
beat.
The biggest stock price move of the last six quarters came
following the December 2010 quarter. The one penny beat on the
bottom line translated into a 14% positive earnings surprise that
drove the stock higher by 9.4%. Revenues were also ahead of
expectations, coming in at $30 million or $4 million ahead of the
Zacks Consensus Estimate for a 14% beat on the topline as well.
Manitex International Recently Reported Earnings
On March 22, 2012 the company reported revenue of $37 million
roughly in line with the Zacks Consensus Estimate and higher than
the $30 million reported in the year ago period. EPS of $0.09 was
also in line with estimates. Following the report, the stock moved
lower by 8%.
Earnings Estimates Bumped Up
Following the most recent earnings report, analysts bumped up their
earnings estimates for 2012. The Zacks Consensus Estimate for 2012
EPS moved from $0.50 in January 2012 to the current level of $0.57.
The 2013 estimate spiked higher following the recent earnings
release, moving from $0.69 in January to the current level of
$0.85. That is an implied earnings growth rate of 49%, something
aggressive growth investors generally look for.
Valuations
Manitex International's valuation picture is a mixed one. Despite
showing great earnings growth potential the company trades at a
reasonable 16x forward PE compared to a 10x industry average. The
trailing twelve months PE, however, at 29x is well above the
industry average of 12x. The other metrics that aggressive growth
investors would look at, like price to book and price to sales come
in almost right on the industry average.
The Chart
When we look at the price and consensus chart for Manitex
International, we see a stock that has followed expected earnings
estimates very closely. In participating in the recent broad rally
in the equities market, MNTX has also see earnings expectations
rise considerable, and even through the 2012 consensus line. This
is generally a signal that the stock is undervalued. The 2013
consensus seems to be moving just to keep up with the stock, and
that implies that analysts see good things in the future for the
stock. MNTX Grill is a Zacks #1 Rank (Strong Buy).
Brian Bolan is the Aggressive Growth Stock Strategist for
Zacks.com. He is also the Editor in charge of the
Zacks Home
Run Investor service
You can follow him at
twitter.com/bbolan1
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