Manitex International, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a merger agreement with Tadano Ltd. announced on September 12, 2024. The merger, valued at $223 million including debt, will provide Manitex shareholders with $5.80 per share in cash upon completion, expected in early 2025, pending necessary approvals.
For the third quarter of 2024, Manitex's net revenues decreased to $66.5 million from $71.3 million in Q3 2023, a decline of 6.7%. Operating income also fell to $4.4 million from $5.2 million, a decrease of 14.4%. Net income for the quarter was $753,000, down 60.3% from $1.9 million in the prior year. Net income attributable to shareholders dropped significantly to $427,000 from $1.7 million. In contrast, for the nine months ended September 30, 2024, net revenues increased slightly to $216.1 million, up 1.6% from $212.7 million in 2023. Net income for this period rose to $4.9 million, a 104.3% increase compared to $2.4 million in the same period last year.
The company’s gross profit for Q3 2024 was $16.0 million, down from $16.6 million in Q3 2023, while the gross margin improved to 24.1% from 23.3%. For the nine-month period, gross profit increased to $50.1 million, up from $45.9 million, resulting in a gross margin of 23.2%, compared to 21.6% in the prior year.
Total assets as of September 30, 2024, were $250.9 million, a slight decrease from $255.7 million at the end of 2023. Total liabilities also decreased to $164.6 million from $176.0 million. Shareholders' equity increased to $86.3 million from $79.7 million at the end of 2023.
Cash and cash equivalents at the end of the reporting period were $4.5 million, down from $9.5 million at the end of 2023. The company reported a significant increase in cash flow from operating activities, which rose to $9.2 million from $0.2 million in the prior year.
Manitex continues to operate in two segments: Lifting Equipment and Rental Equipment, following its acquisition of Rabern Rentals in 2022. The company is also evaluating the impact of new accounting standards that will affect segment reporting and income tax disclosures in the coming fiscal years.
About Manitex International, Inc.
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