Manitex partners with Bruckner’s for North American expansion By Investing.com

BRIDGEVIEW, Ill. – Manitex International, Inc. (NASDAQ: NASDAQ:), a provider of truck cranes and specialized industrial equipment, announced today a dealership agreement with Bruckner’s Truck & Equipment to sell and support Manitex equipment in select North American markets. This strategic partnership is expected to enhance Manitex’s distribution network through Bruckner’s 40 support centers across eight states.

Bruckner’s, a family-owned business since 1932, is a prominent service provider in the on-highway market, dealing with brands like Volvo (OTC:), Mack, and others. The collaboration with Manitex will allow Bruckner’s to include a range of Manitex products such as PM articulating cranes in their offerings.

Michael Coffey, CEO of Manitex International, expressed confidence in the partnership, citing Bruckner’s industry reputation and alignment with Manitex’s core values. He emphasized that Bruckner’s extensive experience in vocational truck applications positions them as an ideal partner to distribute Manitex’s PM Group portfolio in North America. This move is part of Manitex’s “Elevating Excellence” growth strategy, aiming to expand the reach of their articulated truck crane products and other equipment in key Midwest and Southwestern U.S. markets.

Brian Bruckner, President of Bruckner Truck & Equipment, acknowledged the quality and innovation of Manitex cranes, anticipating that their addition to Bruckner’s product lineup will benefit their customer base across the Southwest.

As part of its growth strategy, Manitex is actively seeking additional dealership appointments to address under-served markets in North America and to expand the sale of European products within the region.

Manitex International specializes in mobile cranes, aerial work platforms, and specialized industrial equipment, with manufacturing facilities in the USA and Europe. The company’s portfolio includes the Manitex, PM, Oil & Steel, Valla, and Rabern Rentals brands.

This dealership agreement is based on a press release statement and represents a significant step in Manitex International’s efforts to enhance its North American distribution capabilities.

In other recent news, Manitex International reported significant developments following its 2024 Annual Meeting of Stockholders and other corporate updates. In the meeting, shareholders elected six directors to the board and approved executive compensation. The elected directors include Ronald M. Clark, J. Michael Coffey, Frederick B. Knox, Takashi Fukui, David J. Langevin, and Stephen J. Tober. In a separate development, Manitex announced the appointment of Takashi Fukui to its board following the resignation of Shinichi Iimura.

The company also reported strong Q1 performance, with an 8% increase in organic revenue and a 33% growth in EBITDA compared to the same period last year. This success is attributed to the company’s Elevating Excellence strategy, focusing on process improvement and margin expansion. Despite a decline in new orders due to market uncertainties, Manitex maintains its 2024 outlook, expecting strong demand driven by infrastructure projects and government works.

Recent developments also include the expansion of the dealer network in North America and the upcoming launch of the PM 70.5 crane. These initiatives, coupled with a 9% increase in the rental segment revenue in Q1, contribute to the company’s growth. The company’s full-year 2024 financial guidance remains unchanged, with revenue expected between $300 million and $310 million, and adjusted EBITDA projected at $30 million to $34 million.

InvestingPro Insights

In light of Manitex International’s recent dealership agreement, investors may find it informative to consider the company’s financial metrics and performance trends. According to InvestingPro data, Manitex International has a market capitalization of approximately $84.04 million, reflecting the company’s size and market value. With a P/E ratio of 7.79, Manitex is trading at a low earnings multiple, which could suggest that the stock is undervalued relative to its earnings.

Manitex International has demonstrated profitability over the last twelve months, which aligns with analysts’ predictions that the company will remain profitable this year. This is a positive sign for potential investors, as it indicates the company’s ability to generate earnings amidst competitive industrial markets. Additionally, Manitex’s liquid assets exceed its short-term obligations, providing the company with a solid financial footing to support its “Elevating Excellence” growth strategy and dealership expansions.

InvestingPro Tips reveal a significant return over the last week, which may interest investors looking for short-term gains. However, it’s also important to note that the stock has faced challenges over the last month and three months, with price declines of -18.09% and -32.24%, respectively. This could present a buying opportunity for those who believe in the long-term value proposition of Manitex’s dealership agreements and expansion plans. For a more comprehensive analysis, there are additional InvestingPro Tips available at InvestingPro.

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