26.04.2023

Soaring first quarter for Manitou

French telehandler and aerial lift manufacturer Manitou has reported its first quarter revenues which show a strong upward trend.

New equipment sales jumped 58 percent, while overall revenues were 48 percent higher at €665 million.
The details are as follows
New Equipment sales - €562 million +58%
Services & Solutions - €103 million +8%
Total €665 +48%

The Geographical breakdown was as follows:

Southern Europe - €228 million +55%
Northern Europe - €244 million +49%
The Americas - 136 million +53%
Asia Pacific - €57 million +13%

Chief executive Michel Denis said: "The group is starting the 2023 financial year with a dynamic first quarter. The increase in production rates achieved during 2022 has enabled us to deliver revenues up by 48% compared with the first quarter of 2022, which was particularly affected by the health crisis and supply difficulties. From an operational point of view, we note a slight improvement in the tensions on our supply chain, without considering that this topic is behind us.”

"In 2023, the group's performance will depend on our ability to produce, given the depth of our order book, and so far, the slowdowns we are seeing in the construction in Europe are not affecting our capacity of growth for the year, especially since, outside the United Kingdom, rental companies are still favourably oriented to purchase. In this context, we reiterate our expectations of annual revenue growth of around 20% compared with 2022.”

Vertikal Comment

The results from both French manufacturers that have reported in the past 24 hours reflect a very challenging situation in the first quarter of 2022, along with the fact that component and material supplies have started to improve significantly, allowing equipment to be completed and shipped and some of the large backlogs built out and delivered.

Having said all that Manitou is in a very good place at the moment with a good number of factors coming into play, the company is making strong progress in several product lines including its access division. It has a great deal of potential for significant growth over the next few years, much of it outside of its core telehandler product sector.

Another encouraging start to the first quarter reporting season.