25.04.2025

Mixed start for Manitou

French telehandler and aerial lift manufacturer Manitou has reported its first quarter revenues, which show a sharp drop from this time last year, order intake however was a ‘completely different kettle of fish’.

Total revenues declined 12 percent to €600 million, broken down as follows:
New product sales - €490 million -16%
Parts and service revenues - €110 million +7%
Total revenues - €600 million -12%

Order intake for new equipment more than rebounded, rising from just €186 million in the first quarter of last year to €574 million this year, a 209 percent increase and also 20 percent higher than in 2023.

The order book/backlog at the end of March was €1.17 billion, regaining much of the shrinkage that occurred through last year when it was €1.88 billion. At the same point

Sales by geographic region

Southern Europe €209 million -12%
Northern Europe €206 million -21%
The Americas €124 million 0%
Asia Pacific €60 million +0%
Total €600 million -12%

The company is expecting full year revenues to come it at roughly the same level as in 2024 which means around €2.6 billion.

Chief executive Michel Denis said: "First quarter revenues are in
line with our expectations. This first quarter is marked by a continued increase in order intake which is higher than in the fourth quarter of 2024. This good momentum rewards the work carried out by the teams to make new product ranges available and adapt to our markets. Today, the order book has normalised, allowing us to confirm the expectation of stable revenues in 2025 compared with 2024 and of a recurring operating profit rate for 2025 to be around 5.5% of revenues."

Vertikal Comment

While the revenue numbers look grim, this as much a result of dwindling order intake last year, which left the order book/backlog frighteningly sparse for the start of the year. However, the picture has changed as order intake surged regaining much of the losses, however most of the period reported was prior to the global disruption that the USA’s volatile tariff regime became totally crazy.

However, speaking at Bauma earlier this month Michel Dennis appeared calm when asked about the impact of the US tariffs, probably due to the fact that the company looks to be in a good position, having only recently completed a major expansion and upgrade of its US manufacturing plants, which could, at a push cover much, if not most, of its US business.

So, at this point the situation is looking rosier for Manitou, in comparison with some of the grim results experienced last year.