20.04.2017

Strong start for Manitou

Telehandler and aerial lift manufacturer Manitou has reported a 22 percent jump in first quarter revenues and order intake.

Total revenues for the quarter were €380 million, 22 percent higher than the same period last year, with order intake rising over 41 percent to €433 million, taking the order book to €461 million, up 34 percent on the start of the year.

The Material Handling & Access division mostly telehandlers and aerial lifts saw revenue increase 20 percent to €260 million. Growth occurred in all geographical areas, with manufacturing capacity organised to support the significant increase in volumes.

The Compact Equipment division, mostly Gehl, saw jump 40 percent to €57 million, driven by a strong pickup in North America as rental companies began buying again.

The parts and service division had revenue of €63 million 17 percent up the same period last year, the strongest growth since its formation.

Geographically sales in Southern Europe, which includes France, increased 11 percent to €148 million, Northern Europe was 29 percent higher at €128 million, sale in the Americas – mostly in the north – jumped 32 percent to €72 million and finally Asia Pacific revenues €33 million up 27 percent.

Chief executive Michel Denis said: “Our activity in the first quarter reflects both the improvement of the performance of Manitou, the recovery of most of our markets, as well as the effects of the scheduled termination of the law on accelerated depreciation of investments in France. The Group’s growth was experienced across its entire geographical range. In the construction sector, growth was particularly dynamic in Europe and in North America, with that region experiencing a major upsurge in rental companies. In the agricultural sector, the launch of our new range of telescopic handlers has a positive impact on our growth in an agricultural market that remains depressed.”

“The excellent start to the year with a very strong seasonality as well as the size of our order book lead us to raise our anticipation for 2017 with now a growth in sales revenues of seven to 10 pecent and an improved recurring operating income of 50 to 70 basis points relative to 2016.”

Vertikal Comment

Yet another company reporting a strong first quarter. Manitou is benefiting from comparison with a weak start to 2016, but also a substantial improvement in sales of its telehandlers and a pick up in North America and France. The company is well place to continue its progress although it is likely to experience a tougher time in the access market, in light of a slew of new boom lift models from companies like Genie, JLG, Skyjack, Haulotte and Nifty lift, not to mention the entrance of JCB in to the market.

In spite of these challenges other moves, such as its acquisition of Terex Private in India and a pick up in the USA are all likely to make 2017 a very good year, with the 10 percent growth forecast likely to be exceeded, barring any economic upsets.