23.10.2014

Manitou recovery continues

Manitou has reported its third quarter revenues, which show a year to date improvement of seven percent.

Total revenues for the nine months were €937.3 million, seven percent higher than at the same time last year. Looking at into the divisions, telehandlers and access sales increased seven percent to €607.2 million, the compact equipment division – mostly Gehl – posted a 14 percent rise to €177 million, while the services & solutions division increased revenues by two percent to €153.1 million.

Geographically sales in Southern Europe dropped three percent to €284.9, while Northern Europe jumped 21 percent to €351.5 million. The Americas saw a six percent improvement to €202.4 million, while Asia and the rest of the world was flat at €98.5 million.

Moving on to the third quarter, total revenues improved five percent to €295.4 million, with telehandler and access sales slipping one percent compared to last year to €182.2 million. Compact equipment sales leapt 31 percent to €62.1 million, while services were up two percent to €51.2 million.

Regionally Southern Europe plummeted 14 percent to €77.7 million offset by Northern Europe which improved 14 percent to €112.5 million. The Americas were up 18 percent to €70.5 million and finally Asia improved five percent to €34.7 million.

Chief executive Michel Denis said: "Good performance in the third quarter now permits us to confirm our expected growth in 2014 sales of five percent. Order intake in Q3 highlighted an acceleration in North America and a slowdown in Europe. The economic environment remains contrasted with little visibility. The agricultural sector is declining as is business throughout the regions impacted by economic or political crises, such as Russia and Latin America."

"The pockets of growth are mainly concentrated in the UK and the USA which alone represent almost a third of group sales. From an operational perspective, the improvement reported in the first half continued with a good production flow and efficiency and a strengthened level of inventory to confront the traditional seasonality of our business and best meet the requirements of rental companies towards the end of the year.”

Vertikal Comment

A solid result from Manitou although the third quarter drop in Southern Europe was something of a surprise, and possibly reflects slower business in France, although the company has not specified this. The company has made strong progress in the UK with rental company sales and says that the UK and USA now represent a third of total sales between them.

Assuming the trend continues it looks as though 2014 will be one of Manitou’s better years, possibly coming close to the records set in 2008?