Q2 2024 Manitex International Inc Earnings Call Transcript
Key Points
- Manitex International Inc (MNTX) achieved nearly 20% year-over-year growth in adjusted EBITDA, marking the fourth consecutive quarter with an adjusted EBITDA margin over 10%.
- The company reported a strong performance in its rental segment, with revenues increasing by 15% due to geographic and fleet expansions.
- Gross margins improved by 220 basis points compared to the same period last year, driven by increased manufacturing throughput and lower material costs.
- Manitex International Inc (MNTX) successfully reduced its net debt by over $2 million during the quarter, improving its net leverage ratio to 2.5 times.
- The company is making significant progress on its dealer expansion strategy in North America, with strong interest from potential partners for its PM Group products.
- Order intake has slowed due to increased interest rates, affecting machine replacement cycles and dealer stocking levels.
- The company's total backlog decreased from $154 million at the end of Q1 to $116 million by the end of Q2.
- Manitex International Inc (MNTX) lowered its full-year 2024 revenue guidance to a range of $290 million to $300 million due to slowing order trends.
- There is hesitancy in the North American market, particularly due to interest rate concerns and the upcoming US election.
- The company faces challenges in maintaining its growth momentum amidst mixed end-market trends and macroeconomic uncertainties.
Good morning, ladies and gentlemen, and welcome to the Manitex International Second Quarter 2024 Results Conference Call. (Operator Instructions)
This call is being recorded on Wednesday, August 7, 2024.
I would now like to turn the conference over to Paul Bartolai, Investor Relations. Please go ahead.
Thank you. Good morning, everyone. Welcome to Manitex International's Second Quarter 2024 Results Conference Call. Leading the call today are CEO, Michael Coffey, and CFO, Joseph Doolan.
We issued a press release earlier today detailing our second quarter 2024 operational financial results. This release, together with the accompanying presentation materials, are publicly available in the Investors section Investor Relations section of our corporate website at www.manitexinternational.com.
I would like to remind you that management's commentary and responses to questions on today's
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