Manitex International, Inc.
) first-quarter 2013 earnings per share increased 45.5% on a
year-over-year basis to 16 cents a share and exceeded the Zacks
Consensus Estimate of 13 cents.
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Sales increased 39% year over year to $59.5 million in the
quarter, ahead of the Zacks Consensus Estimate of $56 million.
The year-over-year growth was led by an increase in demand to
drive production at several facilities.
Gross profit during the quarter increased 19% to $10.2 million
from $8.5 million in the prior-year quarter. Gross margin,
however, contracted 280 basis points to 17.1% in the quarter,
resulting from an increase in the mix of lower capacity cranes
and chassis, reduction in higher margin parts sales and a
short-term increase in manufacturing expense.
Selling, general and administrative expenses surged 14.5% to $6.1
million, driven by increased sales expense, employee related
expense including incentive compensation and costs for Sarbanes
Operating income was $3.3 million compared with $2.5 million in
the prior-year quarter. Operating margin decreased 40 bps to 5.4%
in the quarter.
As of Mar 31, 2013, Manitex had cash and cash equivalents of $2.1
million, up from $1.9 million as of Dec 31, 2012. Total debt
increased to $52 million as of Mar 31, 2013 from $49 million as
of Dec 31, 2012. Cash flow used in operating activities was $2.5
million in the reported quarter compared with $2.2 million in the
year-ago quarter. Total backlog as of Mar 31, 2013 was $107.8
million compared to $130.3 million as of Dec 31, 2012.
Manitex retains its previous guidance with expectations for a
modest economic improvement in the U.S. and weakness in Europe.
The growth will be driven by adding products to its portfolio and
acquisitions that fit strategically with the company. This
will contribute materially to its bottom-line performance. The
company expects to generate 50% of its sales from the energy area
and the balance from general commercial markets. Manitex remains
committed to introducing ground breaking products with the
introduction of the Manitex TC 700 crane, which will provide
significant sales upside.
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 #4 (Sell). Other stocks in
the same industry with favorable Zacks Ranks are
Altra Holdings, Inc.
Sun Hydraulics Corp.
); each carrying a Zacks Rank #1 (Strong Buy).