Manitou's Third Quarter 2012 Revenue is Up

This week, Jean-Christophe Giroux, Manitou president and CEO, reported that third quarter revenue for Manitou was strong, and secures the fiscal year will be more than 10 percent growth over 2011. "Our focus is already on 2013, despite a very blurred environment," he said. "Order intake remains very volatile from one week to the next, and from one country to the next." For example, Europe has slowed down, but the United States is stronger due to the return of rental sales.

 

In the first half of the year, Manitou adjusted its manufacturing capacities to match a softer business demand, without compromising the expected rebound in H2, with the anticipation of a better economic climate in Europe, and rental business coming back. "We also sustain all our efforts to improve our operating performance, and remain focused on all possible business opportunities," Giroux said.

 

The Rough-Terrain Handling Division generated revenue of €186.9m ($242.57 million) up 1 percent vs. Q3’ 2011, which partly reflects its effort to reduce its lead times during the first half of the year. Construction is affected by higher uncertainty in Northern Europe area. Agriculture remains stable while “New Business” continues to progress, mainly in emerging markets.

 

The Industrial Material Handling (IMH) Division posted revenue of €36.8m up 23% vs. Q3’11, confirming the continuous improvement of its operations. IMH continues to take advantage of the launch of its new counterbalanced industrial truck outside France.

The Compact Equipment (CE) Division generated a 39% revenue growth at €62.5m vs. Q3’11. In North America, business is supported by large rental customers partial refleeting programs and the kick start of the Yanmar partnership. By contrast, Southern Europe is suffering on its traditional skid steer markets due to the sluggish construction and economic situation.

 

As of today, Manitou anticipates a flat 2013 over 2012, articulated into two contrasted half years.