Manitou Group’s Fourth Quarter Revenue Surges 35 Percent

Manitou Group posted €432 million (about U.S. $530 million) in the fourth quarter, compared to €319 million in the fourth quarter of 2016, a 35.4-percent increase. For the full year 2017, Manitou reported €1,591 million compared to €1,332 million in 2016, a 19-percent hike.

In the fourth quarter sales jumped 47 percent in northern Europe, 36 percent in southern Europe, 26 percent in Asia Pacific and 19 percent in the Americas. For the full year Asia Pacific led the way with a 35-percent improvement, followed by 21 percent in northern Europe, 18 percent in southern Europe and 11 percent in the Americas.

“The group ended the financial year having strengthened its market share and grown its sales revenues by 19 percent,” said Michel Denis, president and CEO. “Development was recorded in all geographical regions. In terms of sector, construction has seen the liveliest growth, driven by market momentum and strengthened activity with European and North American rental companies. In the agricultural sector, our new range of telehandlers has enjoyed even greater success. This has enabled us to strengthen our position in a market that is buoyant again. Lastly, in industry, the group has bolstered its positions in the industrial and all-terrain handling equipment segments.

“In the quarter, our sales performance has improved, with customer orders that have continued to develop and surpass previous invoicing levels for the fourth quarter. This means that we closed the year with our order book having reached record levels, at more than 700 million euros.”

Denis added that the company’s acceleration in activity occurred amidst continuing inflation on the cost of materials.

“The group is reflecting these costs in its sales prices, but is applying them over an extended period of time, given the large number of orders placed which will impact on the operated margin without jeopardizing the 2017 guidance,” Denis said. “The depth of the order book and the robust state of the markets across all geographical regions and business sectors allow us to anticipate for 2018, at constant exchange rates, a growth in sales revenues of 10 percent compared with 2017 with a stronger growth on the second semester than the first part of the year.”

The Material Handling and Access division recorded fourth quarter sales of €300 million, a 43-percent jump compared with Q416 and a 21 percent increase for the full year. The Compact Equipment Products division posted sales revenues of €68 million a 31-percent fourth quarter hike and a 20-percent full year increase. The Services & Solutions division had sales of €64 million, with a 9 percent fourth quarter increase and a 12 percent full year surge.

The Manitou Group includes the Manitou, Gehl and Mustang brands.