During the fourth quarter, we continued to drive productivity and efficiency improvements across the organization, consistent with the plans shared with you last quarter. The new branch is now complete and we will be open in March. Last summer, we opened a temporary location while our new facilities were constructed.
As previously disclosed, we are expanding into Lubbock, Texas. Northern Texas has a strong backlog of infrastructure, commercial and industrial projects, which are bolstering demand for Rabern Rentals. Our rental segment, which is represented by Rabern, performed ahead of expectations during the fourth quarter, supported by robust rental revenue within the Texas market. We continue to see strong demand in our lifting equipment in both North America and Europe driven by elevated activity levels across key end markets such as transportation and infrastructure, upstream energy and electrical distribution as well as general construction. Excluding the revenue contribution from Rabern Rentals, the acquisition we completed in April of 2022, we generated organic revenue growth of 34% in the fourth quarter driven by the strength of our core lifting segment. Fourth quarter revenue increased 48% on a year-over-year basis.
Our team delivered strong fourth quarter results, highlighted by significant organic revenue growth across our lifting equipment and rental segments, sustained margin expansion and our fourth consecutive quarter of improved profitability. Michael Coffey: Thank you, Paul and good morning to everyone joining us on the call today. With that, I will turn the call over to Mike.
#Vallum advisors update
Today's call will begin with prepared remarks from CEO, Michael Coffee, who will provide a review of our recent business performance, including an introduction of our new elevating excellence initiative, followed by a financial update and outlook for our CFO, Joseph Doolan.Īt the conclusion of these prepared remarks, we will open the line for questions. Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued earlier today and in the appendix of this presentation. For a discussion of some of the factors that could cause actual results to differ please refer to the Risk Factors section of our latest filings with the SEC. This release together with the accompanying presentation materials, are publicly available in the Investor Relations section of our corporate website at I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which by their nature are uncertain and outside of the company's control.Īlthough these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially.
#Vallum advisors full
We issued a press release earlier today detailing our fourth quarter and full year operational and financial results. Leading the call today are CEO, Michael Coffey and Chief Financial Officer, Joseph Doolan.
Welcome to Manitex International's fourth quarter and full year 2022 results conference call. I will now turn the conference over to Paul Bartolai, Managing Director with Vallum Advisors. Please note this conference is being recorded. Fourth Quarter and Full Year 2022 Results Conference Call. (NASDAQ: MNTX) Q4 2022 Earnings Call Transcript March 8, 2023
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