30.01.2025

Steep declines for Manitou

French telehandler and aerial work platform manufacturer Manitou, has published its full year revenues for 2024. The full results will follow in a couple of months or so. They show significant fall in new product sales, after very strong growth in 2023 (25%).

Full Year 2024

Sales by division

New equipment sales €2.25 billion -9%
Parts and services €409 million +3%
Total Revenues €2.66 billion -7%

Order intake was also slow over the year as a whole with a strong pick up in the last quarter, leaving the year end order book at just over €1 billion compared to almost €2.3 billion 12 months ago.

Sales by region

Southern Europe €942 million 3%
Northern Europe €894 million -15%
The Americas €565 million -6%
Asia Pacific &ME/A €256 million +1%
Total Revenues €2.6 billion -7%

Fourth Quarter

Sales by Division
New equipment sales €556 million -22%
Parts and services €101 million -1%
Total Revenues €657 million -19%

Sales by region

Southern Europe €238 million -16%
Northern Europe €193 million - 36%
The Americas €155 million +3%
Asia Pacific &ME/A €71 million -10%
Total Revenues €657 million -19%

Order intake in the quarter almost doubled to €532 million an increase of 98 percent, on the same quarter last year.

Chief executive Michel Denis said: "The group’s 2024 revenues are in line with its expectations, 7% lower than in 2023. This decline is particularly noticeable in Northern Europe, especially Germany and the Nordic countries. 4th quarter 2024 activity is decreasing compared to 4th quarter 2023, which had reached a record level, creating an unfavourable base effect.

For the second consecutive quarter, order intake on equipment has risen to a level not seen since the 3rd quarter 2022 by the group. This momentum confirms the gradual return of markets to more fluid operating modes. In Northern Europe, however, dealers’ inventories levels are still quite high in some countries. In Northern America, the market recovered during the 4th quarter and this region remains more dynamic for the group.

The finalisation in 2024 of the implementation of structuring industrial resources and the launch of new product ranges in this region should enable the group to take better advantage of the favourable conditions in this territory in 2025. Under these conditions, and subject to the economic or geopolitical context, the group expects stable revenue in 2025 compared with 2024.”

Vertikal Comment

These numbers do not make for good reading, although the fourth quarter shows some signs of positivity, in terms of order intake. The problem is the steep decline in Europe, with very little to offset it. It should be noted though, that the numbers are being compared to a very strong 2023 when the order book caused long lead times, which would have made an impact this year. Having said that, the steepest declines in Europe occurred in the fourth quarter.

The company was involved in the bid to persuade the EU to place tariffs on Chinese aerial work platform imports, whether that helps it in 2025, remains to be seen.
Manitou still has a great deal going for it and plenty that it can do to get back on a more positive trajectory. 2025 will be another interesting year for the company.