Manitou Reports Sales Up 22% in Q1 2017 | Construction News

Manitou reports that sales revenues in the first quarter of 2017 were  €380 million ($415.7 million USD), up 22% over the same quarter last year. Order intake on equipment in the first quarter were €433 million ($473.7 million USD) vs. €307 million ($335.8 million USD) in Q1 2016. The order book at the end of Q1 was €461 million ($504 million USD), vs. €347 million ($379.6 million USD) in Q1 2016 and €344 million ($376.3 million USD) in Q4 2016. Manitou anticipates an increase in sales in 2017 of 7% to 10% with an improved recurring operating income of 50 to 70 basis points relative to 2016.

Michel Denis, president and CEO, said: "With an increase of 22% in our sales revenue relative to the first quarter of 2016, our activity in the first quarter reflects both the improvement of the performance of Manitou, the recovery of most of our markets, as well as the effects of the scheduled termination of the law on accelerated depreciation of investments in France."

He said the group's growth occurred across its entire geographical range. "In the construction sector, growth was particularly dynamic in Europe and in North America, with that region experiencing a major upsurge in rental companies," he said. "In the agricultural sector, the launch of our new range of telescopic handlers has a positive impact on our growth in an agricultural market that remains depressed."

The Material Handling & Access division (MHA) had sales revenue of €260 million ($284 million USD), up by 20% on Q1 2016. Growth was experienced across the board in all geographical areas, which led the manufacturing sites to organize so as to support the very significant increase in volumes.

The Compact Equipment Products Division (CEP) had sales revenue of €57 million ($62.3 million USD), up by 40% on Q1 2016. Sales in North America were up sharply, thanks to an upsurge in rental companies. The manufacturing sites adapt to meet the demand.

The Services and Solutions Division (S&S) had sales revenue of €63 million ($69 million USD), up by 17% on Q1 2016. The division is experiencing the strongest growth in its activity since its formation. This growth is the outcome of the needs generated by the increasing use of machines by clients, as well as the gradual growth in the new services offered by the division.