Boston, MA 03/13/2014 (wallstreetpr) – Manitex International, Inc. (NASDAQ:MNTX) a leading provider of engineered lifting solutions has been up in the market after reporting impressive results for the fourth quarter. The company’s earnings per share for the quarter was up by 37.5% coming in at 22 cents compared to a low of 16 cents reported for the same quarter in 2012. The company earnings per share was also way up compared to consensus estimates of 16 cents.
The solid results for the fourth quarter caused the company stock to rise to a 52 week high of $17.04 exceeding the earlier high of $16.39. The company has in the recent past maintained a positive pattern of growth in its earnings per share that has always outpaced consensus estimates.
Manitex financials
Manitex International, Inc. (NASDAQ:MNTX) fourth quarter revenue was up by 16% clocking in at a high of $65.4 million with 60% of the revenue attributed to new acquisitions. The company’s fourth quarter revenue slightly missed consensus estimates of $67 million. The year over increase in revenue has been attributed to an increase in sales of 77% in container handling business and 16% in crane products.
Manitex gross profit margin climbed to a high of $12.8 million an improvement of 23.8%, up from $10.3 million for the fourth quarter of the prior year. The company’s gross margin has consequently improved by 128 basis points.
Manitex selling, general and administrative expenses were on the other hand up by 6.5% coming in at $6.9 million. Operating income stood at $5 million compared to a low of $3.3 million the prior year. Manitex cash and cash equivalent as of close of business in 2013 stood at $6.1 million up from $1.9 million as of the end of 2012. Its debt was also up, coming in at $54 million against $49 million for 2012.
Full year saw Manitex International, Inc. (NASDAQ:MNTX) report record earnings of 80 cents up from 68 cents with revenues for full year also surging to $245 million.
Manitex International, Inc. (NASDAQ:MNTX) slightly moved up by 0.63% on Wednesday to close the day at a high of $17.44
