Manitex Q3 sales and profits rise
By Hannah Sundermeyer15 November 2021
Manitex International CEO Steve Filipov said third quarter results played out largely as expected.
Manitex International, a leading international provider of cranes and specialized industrial equipment, announced results for the third quarter 2021, the three-month period which ended September 30, 2021.
Third quarter net sales increased 39.7 percent year-over-year, to $50.9 million, compared to $36.5 million in 2020. Gross profit rose 20.7 percent to $8 million, versus $6.7 million in the fiscal third quarter of 2020; as a percent of sales, gross margin was 15.8 percent in 2021 versus 18.3 percent last year, reflecting increased material costs.
The company reported a net loss from continuing operations of $1.1 million, or $(0.06) per diluted share, compared to a loss of $1.4 million, or $(0.07) per diluted share, in the prior-year period. Backlog increased to $113.6 million from $111.2 million as of June 30, 2021 and remains 67 percent higher than the start of fiscal 2021. Net debt was $26.5 million at the end of the quarter.
“The third quarter played out largely as expected, with solid top line growth even as the company faced several challenges due to global supply chain constraints, seasonal shutdowns in Europe, and, to a lesser extent, the ongoing pandemic,” said Steve Filipov, CEO of Manitex International. “Revenue rose nearly 40 percent year-over-year, to $50.9 million, while gross profit increased to $8.0 million and Adjusted EBITDA climbed to $1.6 million. Our backlog remains robust, at $113.6 million, providing a great deal of visibility through the end of fiscal 2021 and beyond.”
Filipov added that supply chain disruptions and related logistical bottlenecks have impacted the company’s ability to meet strong industrial demand and have increased material costs which have grown more pronounced since the last quarter.
“In order to address these additional input expenses, we have implemented several pricing adjustments and steel surcharges to protect margins and, in tandem, are building inventory to meet customer requirements,” said Filipov. “At the same time, we are actively managing costs and investigating all avenues to further streamline our operations to mitigate these unusual headwinds.”