Manitex International Releases Preliminary Net Revenue and Backlog for Fourth Quarter 2022 and Announces Fourth Quarter 2022 Earnings Call Date

Manitex International (Nasdaq:MNTX) ("Manitex" or the "Company"), a leading international provider of truck cranes, specialized industrial equipment, and construction equipment rental solutions to infrastructure and construction markets, today announced revenue and backlog results for the fourth quarter of 2022. The Company expects to release full financial results for the fourth quarter and full year of 2022 on Wednesday, March 8 before the market opens.

Net revenue for the fourth quarter of 2022 was $78.8 million, up 47.6% compared to $53.4 million 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 $230.2 million 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.”