Glimpses Of Progress At Manitex

Small-cap crane manufacturer Manitex (MNTX) has become a much harder company to follow recently. Not only is this company barely followed by the Street, the company’s need to restate earnings for 2016 and 2017 means there’s not much reliable information to go on in terms of recent historical numbers.

The good news is that what information management has provided is broadly positive. Revenue is rebounding, the backlog is growing, and margins seem to be more or less where I thought they’d be. Predicting how far this recovery can take the energy and construction businesses is difficult, and the company is also doing a pretty good job of building out its PM Group business in the U.S. All told, I think today’s stock price is pretty fair and offers double-digit expected returns for a business that still has elevated operating risk.

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Glimpses Of Progress At Manitex