Manitou Group posted fourth-quarter revenue of €302.7 million (about U.S. $408.8 million), a 1-percent decrease from the fourth quarter of 2012. For the full year, the company grossed €1.18 billion, a 7-percent year-over-year drop.
In the fourth quarter, Manitou’s Rough Terrain Handling division posted a 9-percent increase, while Industrial Material Handling declined 30 percent and Compact Equipment plummeted 14 percent. For the full year, Compact Equipment fared the best with a 1-percent decline, while Industrial Material Handling plunged 24 percent and Rough Terrain Handling dropped 5 percent.
Northern Europe was the strongest region in the fourth quarter with an 18-percent hike, while the Americas and Asia Pacific suffered drops of 18 percent and 16 percent respectively. Southern Europe dropped 2 percent. For the full year, Asia Pacific declined 14 percent, with Southern Europe declining 12 percent. Northern Europe and the Americas declined by 3 percent and 1 percent respectively.
“At the operating level, our production resources are gradually adapting to diverse market trends in order to maintain our ability to rapidly respond to the demands, said new president and CEO Michel Denis. “The Q4 revenue growth, the backlog level at year-end and our estimates of the evolutions in our three divisions’ markets and geographic regions lead us to foresee a 2013 current operating profit of nearly 2 percent and 2014 revenue equal to 2013 at constant exchange rates.”
In North America, the telehandler business for rentals ended the year with the highest backlog since the 2009 economic crisis. However, the compact skid-steer loader business is being affected by the cost increase linked to the transition towards Tier 4 final engines.
Manitou is based in Ancenis, France. Its brands include Manitou, Gehl, Mustang, Loc and Edge.