Manitex International, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Investors in Manitex International, Inc. (NASDAQ:MNTX) had a good week, as its shares rose 3.1% to close at US$5.62 following the release of its quarterly results. It looks like a credible result overall - although revenues of US$73m were what the analysts expected, Manitex International surprised by delivering a (statutory) profit of US$0.11 per share, an impressive 120% above what was forecast. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.

View our latest analysis for Manitex International

Following the latest results, Manitex International's twin analysts are now forecasting revenues of US$303.6m in 2024. This would be a credible 2.3% improvement in revenue compared to the last 12 months. Statutory earnings per share are expected to plummet 21% to US$0.37 in the same period. Before this earnings report, the analysts had been forecasting revenues of US$304.7m and earnings per share (EPS) of US$0.35 in 2024. The analysts seems to have become more bullish on the business, judging by their new earnings per share estimates.

The analysts have been lifting their price targets on the back of the earnings upgrade, with the consensus price target rising 5.6% to US$9.50.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. We would highlight that Manitex International's revenue growth is expected to slow, with the forecast 3.1% annualised growth rate until the end of 2024 being well below the historical 8.1% p.a. growth over the last five years. Compare this to the 174 other companies in this industry with analyst coverage, which are forecast to grow their revenue at 3.6% per year. Factoring in the forecast slowdown in growth, it looks like Manitex International is forecast to grow at about the same rate as the wider industry.

The Bottom Line

The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around Manitex International's earnings potential next year. Happily, there were no real changes to revenue forecasts, with the business still expected to grow in line with the overall industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At least one analyst has provided forecasts out to 2026, which can be seen for 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.