Manitex International, Inc. (NASDAQ:MNTX) Q4 2022 Earnings Conference Call March 8, 2023 9:00 AM ET

Company Participants

Paul Bartolai - Investor Relations

Michael Coffey - Chief Executive Officer

Joseph Doolan - Chief Financial Officer

Conference Call Participants

Matt Koranda - ROTH MKM

Operator

Greetings. Welcome to Manitex International Inc. Fourth Quarter and Full Year 2022 Results Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Paul Bartolai, Managing Director with Vallum Advisors. Thank you. You may begin.

Paul Bartolai

Thank you. Welcome to Manitex International’s fourth quarter and full year 2022 results conference call. Leading the call today are CEO, Michael Coffey; and Chief Financial Officer, Joseph Doolan. We issued a press release earlier today detailing our fourth quarter and full year operational and financial results. This release together with the accompanying presentation materials, are publicly available in the Investor Relations section of our corporate website at www.manitexinternational.com.

I would like to remind you that management’s commentary and responses to questions on today’s conference call may include forward-looking statements, which by their nature are uncertain and outside of the company’s control. Although these forward-looking statements are based on management’s current expectations and beliefs, actual results could differ materially. For a discussion of some of the factors that could cause actual results to differ please refer to the Risk Factors section of our latest filings with the SEC. Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued earlier today and in the appendix of this presentation.

Today’s call will begin with prepared remarks from CEO, Michael Coffee, who will provide a review of our recent business performance, including an introduction of our new elevating excellence initiative, followed by a financial update and outlook for our CFO, Joseph Doolan. At the conclusion of these prepared remarks, we will open the line for questions.

With that, I will turn the call over to Mike.

Michael Coffey

Thank you, Paul and good morning to everyone joining us on the call today. Our team delivered strong fourth quarter results, highlighted by significant organic revenue growth across our lifting equipment and rental segments, sustained margin expansion and our fourth consecutive quarter of improved profitability. Fourth quarter revenue increased 48% on a year-over-year basis. Excluding the revenue contribution from Rabern Rentals, the acquisition we completed in April of 2022, we generated organic revenue growth of 34% in the fourth quarter driven by the strength of our core lifting segment. We continue to see strong demand in our lifting equipment in both North America and Europe driven by elevated activity levels across key end markets such as transportation and infrastructure, upstream energy and electrical distribution as well as general construction.