Manitex International, Inc.
) fourth-quarter 2012 earnings per share increased more than
fivefold on a year-over-year basis to 16 cents. However, reported
earnings were in line with the Zacks Consensus Estimate. Sales
increased 55% year over year to $56 million in the quarter, ahead
of the Zacks Consensus Estimate of $52 million.
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Gross profit during the quarter increased 38% to $10.3 million
from $7.5 million in the prior-year quarter as a 55% increase in
sales helped offset additional operating expenses. Gross margin,
however, contracted 220 basis points to 18.3% in the quarter,
resulting from the lower mix of part sales in revenue and lower
prod efficiencies in the period from a new product launch and the
Selling, general and administrative expenses surged 31% to $6.5
million, driven by increased sales expense, employee related
expense including incentive compensation and professional fees
from the additional compliance requirements of Sarbanes Oxley for
the company as an accelerated filer.
Operating income was $3.3 million compared with $2.0 million in
the prior-year quarter. Including legal settlement charge,
operating income was $0.8 million in the prior-year quarter.
Fiscal 2012 Performance
Manitex reported earnings per share of 68 cents in 2012, almost
three times the year-ago earnings per share of 24 cents. Revenues
increased 44% year over year to a record $205 million.
As of 2012 end, Manitex had cash and cash equivalents of $1.9
million, up from $0.7 million as of 2012 end. Total debt
increased to $49 million as of 2012-end from $42 million as of
2011-end. Cash flow used in operating activities was $6.5 million
in 2012 compared with %5.4 million 2011. Total backlog as of
2012-end stood at $130, up 56% from $83.7 million as of 2011 end.
With expectations for a modest economic improvement in the U.S.
and weakness in Europe, Manitex's growth will be driven by adding
products to its portfolio and acquisitions that fit strategically
with the company. The company expects to generate 50% of its
sales from the energy area and the balance from general
commercial markets. The company envisions $350 million in sales
(excluding any acquisitions) in 2015.
Bridgeview, Ill.-based Manitex International is a leading
provider of engineered lifting solutions including boom truck and
rough terrain cranes, rough terrain forklifts, special mission
oriented vehicles, container handling equipment and specialized
Manitex currently retains a Zacks Rank #5 (Strong Sell). Other
stocks in the same industry with favorable Zacks Ranks are
Altra Holdings, Inc.
The Babcock & Wilcox Company
) with a Zacks Rank #1 (Strong Buy) while
Barnes Group Inc.
) carries a Zacks Rank #2 (Buy).