03.11.2022

Strong quarter for Manitou

Telehandler and aerial lift manufacturer Manitou has posted strong third quarter sales numbers.
Year to Date revenues
Total revenues for the nine months to the end of September were €1.63 billion, up 16 percent on the same period last year. The sales are made up of €1.34 billion of new product sales, up 16 percent, while sales & service revenues also improved 16 percent to €289 million.

Geographically the results were as follow:
Southern Europe €553 million + 25%
Northern Europe €604 million +6%
The Americas €307 million +21%
Asia Pacific €167 million +26%

Third quarter
Third quarter sales were 33 percent higher at €575 million, made up of €476 million sales - up 36 percent - while parts and service revenues increased 21 percent to €98 million.

Geographically the third quarter results were:
Southern Europe €186 million + 42%
Northern Europe €218 million +20%
The Americas €107 million +36%
Asia Pacific €64 million +55%

Chief executive Michel Denis said: "The 33% increase in revenues in the third quarter compared to the same period in 2021 is the result of our ability to accelerate our deliveries in a supply chain context that remains tense and uncertain. Our teams are fully mobilised to respond to the pressing expectations of customers in markets that show no signs of slowing down. The increase of our order book and inflation are pushing customers to anticipate their orders to secure their future supplies. Given the depth of our order book, the implemented sales price increases will have full effect only after 2022.”

“From a commercial point of view, this week we launched a new generation of medium height construction telehandlers developed on a common platform, a range of four electric Rough Terrain aerial work platforms, our first electric compact telehandler and our first electric high-rise rotating telehandler. Many new products will help to reinforce the group in its growth and demonstrate its commitment to the energy transition. For 2022, we confirm our expectation of revenue growth of more than 20% compared to 2021, as well as an operating margin close to that of the first semester.”

Vertikal Comment

This is a very encouraging set of sales numbers from Manitou, possibly due to a heavy investment to reduce the disruption caused by supply chain issues. While the company says that the supply chain situation is as bad as ever, it is clear that it is coping with it better, possibly due to the high levels of almost finished inventory now being completed? This though is likely to have had a negative impact on the bottom line, but we will not see details of that until later.

The company has also launched a host of innovative new products that should add sales momentum during 2023. The company is lagging a little on the shipment of battery electric machines, but its compact 2,500kg/six metre MT625e all electric model is now finally shipping and looks very good, it has certainly been well tested. Its four metre ULM micro model is also generating strong interest in what has until now been something of a niche market.

All in all, the company seems to be ‘on a roll’ at the moment.