Manitex International sees fourth quarter sales increase
By Hannah Sundermeyer10 March 2022
Fourth quarter net sales for Manitex International increased 18.2 percent year-over-year, to $53.4 million, compared to $45.2 million in the fourth quarter of 2020; for the full year, net sales rose to $211.5 million from $167.5 million in 2020, the company said.
“As we turn the corner on 2021, we remain steadfast in our resolve to tackle near-term supply chain constraints and put the Company on sound footing for the year ahead,” said Steve Filipov, CEO, Manitex International. “We took a number of steps to improve our cost structure during the quarter including, first and foremost, closing our Badger facility in Winona, MN and moving production of certain straight-mast boom cranes and aerial platforms to Georgetown, TX.”
Largely due to asset impairment charges of $3.2 million (related to the closure of the company’s Badger facility) and supply chain inefficiencies, fourth quarter gross profit declined to $4.7 million from $8.4 million in the prior-year period. The company reported a fourth quarter net loss from continuing operations of $8.1 million, or $(0.40) per diluted share, compared to a loss of $1.8 million, or $(0.09) per diluted share, in the fourth quarter of 2020; the fiscal 2021 fourth quarter results included $6.4 million of one-time, after-tax charges ($0.32 per share), largely related to the Badger closing.
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