Manitex international reports first quarter 2022 results

Bridgeview, il / accesswire / may 4, 2022 / manitex international, inc. (nasdaq:mntx) ("manitex" or the "company"), a leading international provider of cranes and specialized industrial equipment, today announced results for the first quarter of 2022. q1 financial highlights net sales increased 28% to $60.4 million, compared to $47.2 million in the first quarter of 2021; net income of $0.2 million, or $0.01 per diluted share, compared to a loss of $0.8 million, or $(0.04) per diluted share, in the first quarter of 2021; adjusted net income* for the first quarter of 2022 was $0.9 million, or $0.05 per share, compared with a loss of $0.1 million, or $(0.01) per share for the first quarter of 2021; adjusted ebitda* increased to $2.7 million, or 4.4% of net sales compared to $1.9 million, or 3.9% of net sales in 2021 and compared to $0.3 million, or 1.0% of net sales in the fourth quarter of 2021; backlog of $206 million, as of march 31, 2022, represents a 145% increase since march 31, 2021; the company's book-to-bill ratio was 1.3:1 for the first quarter of 2022; net debt was $31.5 million compared to $23.8 million at the end of the year; representing a leverage ratio of 3.5 times trailing twelve months adjusted ebitda* subsequent items on april 11, 2022, the company simultaneously announced that michael coffey was appointed chief executive officer, the closing of the acquisition of rabern rentals, and a new credit facility in the us.
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