Net revenue for the fourth quarter of 2022 was $78.8M, up 47.6% compared to $53.4M in the fourth quarter of 2021 driven primarily by organic growth in lifting equipment and contributions from the Rabern Rentals business. Organic growth in the lifting equipment business was driven by both strong demand trends in domestic and international markets, as well as better throughput in manufacturing facilities owing to improved labor efficiency, better coordination with suppliers, and benefits from other recently implemented operating efficiency measures. Backlog, which includes firm orders for equipment which we have not yet shipped as well as orders by foreign subsidiaries for international deliveries, was $230.2M at the end of the fourth quarter of 2022, up 22% from the end of 2021 and up 11% from the end of the third quarter of 2022. The improvement in backlog was driven by favorable trends in key end markets in both North America and International regions. "Our robust fourth quarter revenue growth was driven primarily by organic growth of more than 30% year-over-year in our lifting equipment operations, and better than expected contributions from Rabern Rentals, which we acquired in April 2022. Organic sales growth was largely the result of the operational improvements we have made in our lifting equipment manufacturing operations, which drove improved production velocity, output, and plant efficiency, as demonstrated in our financial performance throughout 2022," said Michael Coffey, Chief Executive Officer. "2022 was a pivotal year for Manitex as we entered the general equipment rental space, implemented important organizational changes, and laid the foundation for our updated strategic plan, which was launched last month. We are very excited by the potential for our strategy to drive continued improvement in our financial results." "We look forward to discussing the key aspects of our corporate strategy, which includes our go-to-market strategy, operational improvement objectives and new product development initiatives on our fourth quarter earnings call," continued Coffey. "We are grateful for the hard work and dedication of our employees, ongoing support of our customers and interest from our shareholders. The team at Manitex is looking forward to another strong year in 2023."
Published first on TheFly
