07.03.2013

Mixed profit picture at Manitou

Telehandler and access company Manitou has published its full year financials, showing a 26 percent rise in net profits, but with a less positive result from its access and telehandler division.

Full year revenues for the group were €1.26 billion - as previously reported - an increase of 12 percent on 2011. click here to see annual growth of 12% for Manitou
Net income for the period was up 26 percent to €45.9 million, however the operating profit for the different divisions are a little surprising.

The Rough Terrain Handler division - largely telehandlers and aerial lifts saw profits fall by 40 percent to €27.6 million – in spite of a 7.5 percent increase in revenues.
However the Industrial division turned a €2.2 million loss in 2011 into a €3.6 million profit for 2012, while the CE division - largely Gehl in the USA - more than tripled its profits to €15.3 million.

The company also saw a 21 percent increase in net debt to €103 million.

Former chief executive Jean-Christophe Giroux (see All change at Manitou ) said: “The 2012 earnings provide a contrasted picture in many respects. Both CE and IMH divisions are delivering a great performance, from top to bottom, and confirm they’re now on a new trajectory. On the other hand, Rough Terrain Handling’s overall disappointing numbers have been affected by depressed margins (new engines, competitive landscape) and several negative on-offs (capacity swings, quality alerts). RTH’s Re-foundation program is gaining momentum and will substantially restore its profitability profile – but it will take some time, and we are just half-way through as we speak.”

“Business outlook seems to be improving a bit, and developing opportunities will certainly compensate any persisting segment or geography weakness. It’s up to us to also make the difference and that’s the underlying spirit of our 2013 “Push & Pull” attitude. As for myself, I am proud of all progress achieved to date, and confident Manitou group is on the right track to a great future.”


Vertikal Comment

We have not yet seen a copy of the full accounts and so cannot comment too deeply at this stage. The profit numbers are something of a surprise given that externally, and in terms of revenue the company appears to be doing very well.
In spite of these numbers Manitou is well placed to recover during 2013 and we would expect the full year 2013 numbers to be substantially more positive.