11.11.2007

Manitou up 12.7%

Manitou the world’s largest producer of telescopic handlers has reported an exceptionally strong third quarter in terms of order intake, with orders up by 53 percent compared to the third quarter of 2006.

For the nine months to the end of September the company has reported revenues of €938.6 million, an in crease of 12.7 percent on the same period last year. The company says that EU sales of telehandlers and access platforms were particularly strong, rising by 14.4 percent, while order intake grew by almost 31 percent over the period.

The result is an extended order book, which has more than doubled since the end of 2006, as production and delivery delays linked to supply difficulties with manufacturers of certain components limiting revenue growth.

Manitou says that it expects the situation to correct itself gradually in early 2008.

Vertikal Comment

Manitou has been accused at times of being overly conservative and slightly oblivious to competition. However the company appears determined now to react to attempts by other manufacturers to take a chunk of its market share.

It recently launched its new Privilege range of telehandlers, which most certainly would have accounted for a good deal of its third quarter order intake.

The company has also announced that it intends to double telehandler production capacity over the next few years in order to maintain its position in what it sees as a rapidly growing market.

As to access equipment, Manitou now has a strong reputation for its rough terrain articulated booms, but will need to do something very dramatic if it is to regain the momentum that it built up last year and now seems to be ebbing away.

We expect the company to post full year revenues in the region of €1.27 billion, but if it could easily make it €1.3 billion if it can start to overcome its production bottlenecks.