Manitex International, Inc. (NASDAQ:MNTX) Q1 2024 Earnings Call Transcript

Michael Coffey: So the expansion number in North Texas for the rental fleet is $7 million and the bulk of it is coming in in the first two quarters, and that’s by design, to take advantage of the market dynamics in that area in what’s happening in Lubbock. We’ve had the Lubbock, our fourth branch opened now for a full year, full 12 months, and we are a little bit late in getting that branch open due to construction delays, but is performing very well. We’re happy with the utilization curves. We’re happy with our ability to price into the market and to deliver results, and we’re very happy with how Lubbock is growing ahead of our expectations. So Joe made the comment correctly, that we’ve pulled those capital budget items forward to take advantage of how the market’s performing and how our customers are treating us at Rabern.

Matt Koranda: Okay, excellent. I’ll take the rest of mine offline guys. Thank you.

Michael Coffey: All right, thanks Matt.

Joseph Doolan: Thanks Matt.

Operator: [Operator Instructions] And there are no further questions at this time. I would like to turn the call back to Michael Coffey for closing remarks.

Michael Coffey: Thank you, operator, and thank you to our investors for your faithfulness with Manitex, we really appreciate that. During the second quarter we will be attending the Sidoti Small-Cap Conference. Our attendance will be on May 8. And we’re also fortunate to be attending the Northland Investor Conference, which is scheduled for June 25. So hopefully we will connect with you there, but if we don’t, this quarter we look forward to meeting with you during our next quarterly call. And with that, I want to thank you for your interest in Manitex and conclude our call.

Operator: Thank you, presenters, and thank you ladies and gentlemen. This concludes today’s conference call. Thank you for your participation and you may now disconnect. Have a good day.