Manitou Group Revenue Declines 10.4 Percent in Second Quarter

July 19, 2013

The Manitou Group posted second-quarter revenue of €319 million (about U.S. $419 million), a 10.4-percent decline compared to the second quarter of 2012, when it posted €356.6 million. However, revenue increased 17 percent compared to the first quarter’s total.

First-half revenue also declined, from €672.3 million in 2012 to €591.2 million this year, a 12-percent drop.

“Q2 revenue shows the second-best quarterly performance since end 2008,” said Dominique Bamas, president and CEO of Manitou. “It highlights the extent to which the efforts we have made to step up our production output have been fruitful. After adjusting for the discontinued distribution of Toyota in France, the level of order intake is fairly close to that of Q212, although the mix is very different. The markets however remain barely readable, notably the rental market.

“The stronger euro weighs more and more heavily on our competitiveness and our profitability. The pressure of currencies will continue to affect H2 performance.”

Bamas said given the economic environment and the strong euro revaluation, the company expects a 5-percent revenue decrease in 2013 compared to 2012.

The rough-terrain handling division posted an 11-percent decrease after a historical high second quarter in 2012, with the southern European market continuing to be difficult.

The industrial material handling division dropped 24 percent year over year in the second quarter, with the division recording 12-percent growth excluding the impact of the termination of the Toyota distribution contract. The division is continuing to be reorganized.

The compact equipment division posted a 1-percent increase in revenue in the second quarter compared to the same period a year ago, driven by continued demand from rental companies, especially in North America. The agricultural sector remains strong as well.

The Manitou Group is based in Ancenis, France.