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Manitex International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a definitive agreement for Manitex to be acquired by Tadano Ltd. in an all-cash transaction valued at $223 million, including debt. Shareholders will receive $5.80 per share, and the transaction is expected to close in early 2025, subject to approvals.
Net revenues for the quarter were $66.5 million, a decrease from $71.3 million in the same quarter the previous year. This decline was primarily due to reduced sales in aerial platforms and chassis.
Cost of sales for the quarter was $50.5 million, resulting in a gross profit of $16.0 million, down from $16.6 million the previous year. The gross margin percentage increased to 24.1% from 23.3% due to lower material costs.
Operating expenses for the quarter were $11.6 million, slightly up from $11.4 million in the previous year, including $1.0 million in transaction costs related to the merger.
The company reported an operating income of $4.4 million, down from $5.2 million in the previous year. Interest expense increased to $2.1 million due to higher utilization of working capital facilities.
Net income for the quarter was $753,000, down from $1.9 million in the previous year. After accounting for noncontrolling interests, net income attributable to Manitex shareholders was $427,000.
Cash provided by operating activities was $9.2 million, with cash used in investing activities totaling $7.2 million, primarily for equipment purchases to support the rental business.
Manitex had a working capital of $55.2 million as of September 30, 2024. The company expects cash flows from operations and existing credit facilities to be adequate to fund future operations.
The filing also outlines various risks related to the proposed merger, including potential impacts on business operations and relationships with customers and employees.
The company continues to focus on its lifting equipment and rental equipment segments, with revenues from these segments reported separately in the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Manitex International Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.