Manitex International, Inc. [MNTX] reports annual net loss of $7.9 million
Company Reports Revenue of $291.4 million
Manitex International, Inc. [MNTX] has reported a net loss of $7.9 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $291.4 million
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $291.4 million
Based in BRIDGEVIEW, Illinois, Manitex International, Inc. operates in the MANUFACTURING sector.
Consolidated Statements of Operations - USD ($) in Millions 12 Months Ended
Net revenues $ 291.4M $ 273.9M
Cost of sales $ 229.0M $ 223.8M
Gross profit $ 62.4M $ 50.0M
Operating expenses
Research and development costs $ 3.4M $ 3.0M
Selling, general and administrative expenses $ 43.1M $ 40.4M
Transaction costs $ 2.2M
Total operating expenses $ 46.5M $ 45.6M
Operating income $ 15.8M $ 4.4M
Other income (expense)
Interest expense $ (7.8M) $ (4.6M)
Interest income $ 0.2M $ 0.002M
Foreign currency transaction loss $ (2.5M) $ (0.1M)
Other income (expense) $ (0.3M) $ (1.8M)
Total other income (expense) $ (10.4M) $ (6.6M)
Income (loss) before income taxes $ 5.5M $ (2.2M)
Income tax (benefit) expense $ (2.4M) $ 2.1M
Net income (loss) $ 7.9M $ (4.3M)
Net income attributable to noncontrolling interest $ 0.5M $ 0.6M
Net income (loss) attributable to shareholders of Manitex International, Inc. $ 7.4M $ (4.9M)
Income (loss) Per Share
Basic $ 0.36 $ (0.24)
Diluted $ 0.36 $ (0.24)
Weighted average common shares outstanding
Basic 20.2M 20.1M
Diluted 20.2M 20.1M
In the 12 months ended on December 31, 2023, Manitex International, Inc. reported an increase in net revenues to $291.4 million compared to $273.9 million in the same period in 2022. The cost of sales also went up to $229.0 million from $223.8 million, resulting in a higher gross profit of $62.4 million versus $50.0 million.
Operating income significantly improved, reaching $15.8 million in 2023 from $4.4 million in 2022. The company experienced higher expenses in research and development as well as selling, general, and administrative categories.
The net income for the period showed a positive trend, with Manitex International, Inc. reporting a net income of $7.9 million in 2023 compared to a net loss of $4.3 million in 2022. This translated to an increase in earnings per share for both basic and diluted amounts.
Overall, the financial performance of Manitex International, Inc. showed growth and improvement in key financial metrics during the stated period.
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