Manitou posted first quarter sales of €380 million (about U.S. $407.6 million), a 22-percent increase compared to the first quarter of 2016. Order intake on equipment in the first quarter of 2017 is €433 million, compared to €307 million in the first quarter of 2016.

Manitou anticipates a sales increase of 7 to 10 percent in 2017, with an improved recurring operating income of 50 to 70 basis points relative to 2016.

“With an increase of 22 percent 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,” said Michel Denis, president and CEO. “The Group’s growth was experienced across its entire geographical range. In the construction sector, growth was particularly dynamic in Europe and in North America, with that region experience a major upsurge in rental companies. 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.”

Denis said the strong start to the year and size of the company’s order book leads it to raise its anticipation for 2017 to a growth in sales revenues of 7 to 10 percent.

Looking at the various divisions, the Material Handling and Access division had sales revenue of €260 million, a 20-percent year-over-year hike, with growth in all geographical areas. The Compact Equipment Products Division posted sales revenue of €57 million, a 40-percent year-over-year jump. Sales in North America increased sharply, thanks to an upsurge in sales to rental companies. And the Services and Solutions Division had sales revenue of €63 million, a 17-percent year-over-year leap.