Manitex reports Q4 EPS 26c vs. 2c last year

Reports Q4 revenue $78.7M vs. $78.8M last year. “Our Q4 results were a solid finish to a record year at Manitex,” stated Michael Coffey, CEO. “In early 2023, we introduced Elevating Excellence, a multi-year business transformation strategy created to accelerate our commercial growth, improve our operational efficiency, and drive a returns-focused, disciplined approach to capital allocation. Our team executed to plan, resulting in nearly 40% full year growth in Adjusted EBITDA, and nearly 240 basis point in improvement to Adjusted EBITDA margin. This resulted in a significant reduction in our net leverage profile. Entering 2024, we will seek to prioritize new product development, together with further expansion of our dealer network, particularly as it relates to our PM Crane product sales in North America,” continued Coffey. “We will further improve our sourcing capabilities to deliver a more robust, efficient and cost-effective supply chain. We are also poised to continue to improve our production output, enabling needed growth and improving our fixed cost absorption. These objectives are key parts of our Elevating Excellence strategy and we remain on track to achieve our operational goals.”