Manitex International, Inc. (NASDAQ:MNTX) Q4 2022 Earnings Call Transcript

Michael Coffey: Actually, Matt, most of that improvement we are expecting through the manufacturing, which is the core business. What we saw €“ so one way to look at this historically is pre-pandemic level, we had gross margins of about 19% and the manufacturing business dipped significantly with cost structure and COVID supply chain delays, etcetera. When we acquired Rabern, we had a really nice bump in gross margins and we have enjoyed that and that will continue. What’s happened through the last three quarters is we have been fundamentally improving the operational performance of our manufacturing business. We returned the business to €˜19 and most of those margin improvements are going to come through manufacturing, process efficiency, blocking and tackling the operations in a way our manufacturing business performs.

And those are organic improvements that we have been studying over the last six months to nine months, and then we have implemented a strategy to execute on that.

Matt Koranda: Okay. Appreciate that clarification. Thanks guys.

Operator: We have reached the end of our question-and-answer session. I would like to turn the conference back over to Mike Coffey for closing comments.

Michael Coffey: Okay. Thank you very much, operator and thanks everyone for joining the call today. We really appreciate your attention and interest in Manitex. In addition to our participation next week at CONEXPO, we will also be attending the 35th Annual ROTH Conference in Dana Point, March 13. We are hoping to connect with many of our investors and analysts there. And if we miss you, at either the ROTH call or at CONEXPO, we look forward to speaking to you next quarter. With that, we will conclude our call. And again, we would like to thank everyone for joining.

Operator: Thank you. You may disconnect your lines at this time.