20.07.2010

Strong growth at Manitou

French based access and telehandler manufacturer Manitou has reported a strong second quarter, with sales up by more than 36 percent compared to last year, to €225 million.

The second quarter increases were across the board in terms of product and geography.

Sales of Rough Terrain Handlers - largely telehandlers- were up 34 percent in the second quarter to €157.7 million, making a total of €274 million for the half year. Industrial material handling sales were up 10 percent to €34 million, while construction equipment – largely Gehl - was up 96 percent to €33 million.

Looking at the overall year to date numbers the growth is not quite as impressive, with overall revenues up 8.2 percent on a strong order book. In spite of the strong start to the year the company says that it expects demand in the second half to cool for seasonal reasons and as 2009 distortions falling out of the system.

Geographically
The improvements came from each of the regions, with sales in France up 25 percent, the rest of Europe up 41 percent, The Americas up 69 percent and the rest of the world a more modest 17 percent.

Manitou’s chief executive Jean-Christophe Giroux, said: ”We have posted a strong second quarter with revenues of €225m coming as the natural translation of a great first quarter order intake. The better news comes from a similar level of orders in quarter two, that paints positive colours for second half revenues. Looking back, we believe most of these orders come from 2009 pushouts and natural replacement cycles, combined with traditional business seasonality.”

“We still do not see volume pick-up signals, either for construction rental, agriculture expansion or dealers re-stocking. While we cannot predict orders for the second half, we fully focus on delivering on our current order book, and on easing some of the operational pain created by supplier’s situation and extended lead times.”

Toyota
Manitou and Toyota Industries have signed a share transfer agreement covering Manitou’s remaining 20 percent holding in TIE (Toyota Industrial Equipment) for €11.3 million in cash. As a result, Toyota Industries has taken over full ownership of its French-based manufacturing operations, with the proviso that it does not compromise in any way the triple partnership between Toyota Industries and Manitou, with Manitou manufacturing forklift masts for TIE, Manitou distributing Toyota trucks in France (on an exclusive basis), and Toyota holding three percent of Manitou.

“Red Series” Initiative
While the majority of orders are still processed on a built-to-order model,
Manitou is currently working on building up inventory of 10 “best-seller” or 'Red' models within the current range. The models in question do not feature any new or
particular technical points, but will be available for immediate delivery to customers