Manitex International, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next
Investors in Manitex International, Inc. (NASDAQ:MNTX) had a good week, as its shares rose 6.5% to close at US$6.84 following the release of its annual results. It looks like a credible result overall - although revenues of US$291m were what the analysts expected, Manitex International surprised by delivering a (statutory) profit of US$0.36 per share, an impressive 64% above what was forecast. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
Check out our latest analysis for Manitex International
Taking into account the latest results, the current consensus from Manitex International's dual analysts is for revenues of US$304.7m in 2024. This would reflect a satisfactory 4.6% increase on its revenue over the past 12 months. Statutory earnings per share are expected to decrease 3.6% to US$0.35 in the same period. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$304.2m and earnings per share (EPS) of US$0.37 in 2024. The analysts seem to have become a little more negative on the business after the latest results, given the minor downgrade to their earnings per share numbers for next year.
Althoughthe analysts have revised their earnings forecasts for next year, they've also lifted the consensus price target 5.6% to US$9.50, suggesting the revised estimates are not indicative of a weaker long-term future for the business.
Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. We would highlight that Manitex International's revenue growth is expected to slow, with the forecast 4.6% annualised growth rate until the end of 2024 being well below the historical 6.3% p.a. growth over the last five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 3.3% per year. So it's pretty clear that, while Manitex International's revenue growth is expected to slow, it's still expected to grow faster than the industry itself.
The Bottom Line
The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have analyst estimates for Manitex International going out as far as 2026, and you can see them free on our platform here.
We don't want to rain on the parade too much, but we did also find 1 warning sign for Manitex International that you need to be mindful of.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
