Manitex International, Inc. (NASDAQ:MNTX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Manitex International, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 45.45% to $0.16 in the quarter versus EPS of $0.11 in the year-earlier quarter.
Revenue: Rose 39.02% to $59.57 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Manitex International, Inc. reported adjusted EPS income of $0.16 per share. By that measure, the company beat the mean analyst estimate of $0.15. It beat the average revenue estimate of $56.03 million.
Quoting Management: Chairman and Chief Executive Officer, David Langevin, commented, “Our first quarter results were in line with our expectations with sales continuing to show dramatic growth over last year’s levels and modestly compared to the previous quarter. While we did experience some temporary margin pressure in the quarter, primarily a result of manufacturing efficiencies related to start-up of new product and product sales mix, we expect these issues to mitigate during the second quarter with margins subsequently recovering to normalized levels. Further, we are very excited about our latest product introduction, namely, the Manitex TC 700 which is potentially a game-changer for the Company, putting us firmly into a heavier truck crane category at a lower price point. Our expectation is that this product line has the potential to achieve similar success as did our 50 ton crane introduction of several years ago that now represents approximately 20% of total sales or $40 million.”
Key Stats (on next page)…