02.05.2012

Manitou up 19%

Telehandler and powered access manufacturer Manitou has reported first quarter revenues of €315.7 million, 19 percent up on the same period in 2011.

The company’s largest division - Rough Terrain Handling – which includes telehandlers and access equipment, achieved revenues of €221.4 million, 16 percent up in the same period last year, thanks to improved rental company purchases, with most of the growth coming from Northern Europe and the Americas.

The Industrial Material Handling division improved 20 percent to €40.7 million, due to stronger fork truck and warehousing sales, along with deliveries of fork lift masts

The remaining €53.6 million was generated by the Compact Equipment division – Gehl – 31 percent up on last year.

Geographically Southern Europe - still the largest market for Manitou as it includes France – grew 11 percent to €121.3 million, while Northern Europe saw sales rise 16 percent to €109.5 million. The Americas climbed 43 percent to €54 million and Asia and the rest of the world by 25 percent to €30.9 million.

Order intake kept pace with invoicing, helping maintain the strong order book.

Chief executive Jean-Christophe Giroux said: “The first quarter comes in as the prolongation of the 2011 momentum, to substantiate our 2012 operating plan. The combination of growing revenue, sustained order intake and high backlog provides some good visibility for the first half and even beyond. Things are undoubtedly getting more and more difficult in Southern Europe, but Northern Europe, the USA and Asia are showing resilient signs for positive business.”

“At the same time, we are happy to see the first results in our internal reforms, with a better appreciation for end-demand and a more fluid operational chain. Irrespective of the unstable environment, we are positive 2012 will be for Manitou the year of the Refoundation, with a new performance to sustain our mid-term ambitions. This is what we will share with our partners (customers, dealers, suppliers, press etc…) at a worldwide event we’re organizing at the end of May.”

“We confirm our 2012 objectives, with revenues up 10 to 15 percent and EBIT margin up one point.”

Vertikal Comment

This is a solid performance from Manitou, particularly given its dependence on the European market which is overall growing at a slower pace than North America. Its Gehl business continues to go from strength to strength, at least in the Americas and is increasingly beginning to look like a good deal, in spite of the price it paid and the challenges it caused.

The company looks set to achieve a new record this year, with revenues likely to hit or exceed €1.3 billion. While its US business could well exceed $280 million – a substantial operation by anyone’s measure.

Manitou appears to be on a solid growth path at the moment, and still has plenty of ‘elbow room’ to step up the pace as and when production/supply chain issues allow it to ramp up its marketing and distribution efforts.