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Manitex (MNTX) Q4 Earnings Lag, View Upbeat on Solid Orders
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Manitex International, Inc. (MNTX - Free Report) delivered fourth-quarter 2017 adjusted earnings of 5 cents per share, against the prior-year quarter’s loss of 10 cents per share. However, earnings missed the Zacks Consensus Estimate of 8 cents.
Including one-time items, the company reported loss of 4 cents, narrower than the year-ago quarter’s loss of 37 cents.
Operational Update
Net revenues improved 57% to $64.5 million from $41.1 million in the year-ago quarter. Revenues beat the Zacks Consensus Estimate of $64 million.
Manitex International, Inc. Price, Consensus and EPS Surprise
Gross profit increased 57% to $10.2 million from $6.5 million in the prior-year quarter. Gross margin remained flat at 15.8% in the quarter. Selling, general and administrative expenses (SG&A) declined 8% to $9.4 million from $10.2 million in the year-ago quarter. Operating income was $1.9 million, compared with $0.2 million in the prior-year quarter. Operating margin declined 250 basis points (bps) year over year to 3%.
Adjusted operating income was $1.9 million, up from $0.2 million. Operating margin was 3% in the reported quarter compared with 0.5% in the prior-year quarter.
Financial Update
Manitex ended 2017 with cash and cash equivalents of $5.0 million compared with $4.5 million at the end of 2016. Manitex’s total debt was $90 million as of Dec 31 2017, lower by $11 million from 2016-end. The company reported total backlog of $62.2 million as of Dec 31, 2017, which surged $31 million from 2016 end. Further, Manitex’s backlog increased 40% to reach $87.3 million as of February 28, 2018.
Fiscal 2017 Performance
Manitex reported 2017 adjusted earnings of 20 cents per share, against the prior-year’s loss of 55 cents per share. Earnings missed the Zacks Consensus Estimate of 23 cents. Including one-time items, the company reported loss of 4 cents narrower than the year ago quarter’s loss of 37 cents.
The company posted revenues of $213 million, up 23% year over year. Revenues beat the Zacks Consensus Estimate of $206 million.
Outlook
The company continues to witness an increase in order rates and gains market share for its key product categories. The company added eight new dealer locations to its network. The company witnessed rapid recovery of the straight mast crane market during the first quarter of 2018.. Industry orders are near the previous levels observed during the 2012-2015 period. Robust demand, strong dealer network in North America and success of new products strengthen the company’s position for 2018 and beyond.
Manitex has outperformed the industry it belongs to over the past year. The company’s shares have soared 77% compared with the industry’s gain of 16%.
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Mobile Mini has a long-term earnings growth rate of 14%. The company’s shares have rallied 42% during the past year.
Axon Enterprise has a long-term earnings growth rate of 25%. The stock has surged 63% in a year’s time.
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Manitex (MNTX) Q4 Earnings Lag, View Upbeat on Solid Orders
Manitex International, Inc. price-consensus-eps-surprise-chart | Manitex International, Inc. Quote
Gross profit increased 57% to $10.2 million from $6.5 million in the prior-year quarter. Gross margin remained flat at 15.8% in the quarter. Selling, general and administrative expenses (SG&A) declined 8% to $9.4 million from $10.2 million in the year-ago quarter. Operating income was $1.9 million, compared with $0.2 million in the prior-year quarter. Operating margin declined 250 basis points (bps) year over year to 3%.
Adjusted operating income was $1.9 million, up from $0.2 million. Operating margin was 3% in the reported quarter compared with 0.5% in the prior-year quarter.