Manitex International, Inc. Announce Q1 2014 Results

Posted by Joseph R. Fonseca
Sunday, May 11, 2014
logo

Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized material and container handling equipment reported an increase in net revenues of 5.1% in their first quarter 2014. The increase was $62.6 million from $59.6 million for the same period a year ago.

First Quarter Net income was $1.9 million, unchanged from the first quarter of 2013 with earnings per share of $0.14 compared to $0.16 per share due to $0.03 per share of expenses related to ConExpo and increased number of shares outstanding. The consolidated backlog at March 31, 2014 increased 29.4% $100.0 million, from $77.3 million at December 31, 2013.

Subsequent to the end of the quarter, announced a second five year contract award from US Navy valued at $25.9 million ($38.9 million including options) for supply of specialized material handling units, with shipments anticipated commencing 2015. This is not reflected in the March 31 2014 backlog referenced above.
 
Chairman and Chief Executive Officer, David Langevin, commented, “Despite a more modest rate of growth at Manitex in the first quarter, which was a result of slowing orders in the back half of 2013, we posted favorable operating comparisons compared to last year’s same period. Importantly, as we previously announced in our year end release, we have seen a healthy acceleration in orders since the beginning of this year, with the backlog as of March 31, 2014 up almost 30% to $100 million, and production increases are currently in progress. The increase in backlog is being led by our Manitex cranes but also includes significant increases at a number of our other divisions.

Our recent announcement of an additional military order at our Liftking subsidiary gives us visibility for this group through 2015.”
 
“As a result,” continued Mr. Langevin, “We are expecting significantly improved results for the second quarter and for the remainder of 2014, with higher sales, and gradual improvement in our gross margin, EBITDA and net income. More specifically, planned production increases should result in revenues in excess of $70 million in the second quarter with EBITDA margins recovering to more normalized historical levels. For the full year, and not taking into account any potential acquisitions, we would thus, expect our sales growth and profit growth to continue year over year at a more rapid pace than what we saw in the first quarter.”

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, “During the quarter we saw several positive aspects that set us up well for the balance of the year, including the 29% increase in backlog back to levels of a year ago. Also, we see improvement in the remainder of the year resulting from improved performance and high level of interest in our recent acquisitions, and the solid performance of both our Manitex crane and CVS container handling operations. Our gross margin of 18.5% was an improvement over the 2013 comparative period but was constrained by lower volumes in our material handling operations, which we anticipate will improve through the balance of the year. Our balance sheet remains in good shape, as reflected in our current ratio of 2.5, a net debt to capitalization ratio of 37.0%,and interest coverage ratio of 7.0 times. With 12 month trailing EBITDA of $22.1 million, our debt to EBITDA ratio improved from 2.5 times at December 31 2013 to 2.4 times at March 31 2014 and continues to provide us with financial flexibility in achieving our growth objectives.” 

 



 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Bahrain US$35-M Land Reclamation Contract for GLDD

Provider of dredging services in the United States and a major provider of environmental & remediation services, Great Lakes Dredge & Dock Corporation (GLDD) says

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

New Products

Hyundai Heavy Industries Develops HiCASS

Hyundai Heavy Industries Co., Ltd. (HHI) announced today that it developed Hyundai Intelligent Collision Avoidance Support System (HiCASS) for the first time in

General Dynamics Launches Morgan County NextGen-911

General Dynamics Information Technology, a business unit of General Dynamics, has implemented a NextGen-911 emergency service solution for Morgan County, Ohio.

COSCO Corpn. Secures Contracts of $300 mi

COSCO Corporation (Singapore) Limited announced that shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO Shipyard Group Ltd, have secured

Navy

Today in U.S. Naval History: July 23

Today in U.S. Naval History - July 23 1947 - First Navy all jet squadron (VF-17A) receives its first aircraft (FH). 1948 - USS Putnum (DD-757) evacuates U.

VIDEO: HMS Queen Elizabeth Floats Out

A timelapse video of HMS Queen Elizabeth floating out of her dock for the first time is now available at http://www.youtube.com/watch?v=P0ZjQz9vEKw. The float out of the 65,

Sunken WW II Ship Oil Leak Plugged

Atlantic Coast Marine Group, Inc. successfully responds to World War II era motor tanker leaking massive cargo of oil into the Atlantic Ocean's waters. Beaufort,

Finance

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

News

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Concordia Expected to Reach Genoa Saturday

The Crowley Maritime Corp. subsidiary TITAN Salvage and partner Micoperi have confirmed that the Costa Concordia – the Concordia class cruise ship that wrecked along shores of Giglio Island,

Panama Canal to Celebrate 100 Years

To commemorate its centennial, the Panama Canal will host a series of events August 14-15 in Panama City to highlight the impact of the waterway during the past century.

Marine Equipment

Turbocharger Modification

Cost Effective Solution for Fuel Saving and Emission Control A turbocharger’s efficiency significantly influences diesel engine performance. For example, a turbocharger

Kito Americas Acquires Peerless Industrial

Kito Americas, Inc. announced today that the company has entered into a stock purchase agreement to acquire Peerless Industrial Group from Westview Capital Partners II, L.

GE, LR Study Gas Turbines for Commercial Ships

GE Marine and Lloyd’s Register Sign Memorandum of Understanding to Collaborate on Applying Gas Turbines to Power Commercial Ships GE Marine and Lloyd’s Register

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1335 sec (7 req/sec)