Manitou Increases Revenue 9.5 Percent in Third Quarter

Manitou posted €432 million in revenues in the third quarter of 2021 compared to €391 in the third quarter of 2020, a 9.5 percent increase. For the first nine months of 2021, Manitou reported €1,402 million, compared to €1,153 million in the first nine months of 2020, a 21.6 percent jump.

In the third quarter, revenues increased 14 percent in the Americas and also in Northern Europe. In Southern Europe, improvement was 4 percent. In Asia Pacific, revenues increased 10 percent.

For the first nine months of 2021, revenues increased 32 percent in Northern Europe; 11 percent in Southern Europe; 26 percent in Asia and 17 percent in North America.

“In the third quarter, the group achieved a 10-percent increase in turnover compared to Q3 2020,” said Michel Denis, president and CEO. “The record order intake momentum we have been experiencing for the past year has been maintained. It concerns all our geographies and markets and projects our backlog at the end of September to a historic level of €2.3 billion. Over the third quarter, sales were delivered in a context of increased pressure on component availability. Like all manufacturing sectors, the extent of disruptions has worsened significantly in recent weeks. This deteriorated context has led us to adjust our revenue forecast for 2021 to growth of around 15 percent compared to 2020. In addition, the annual growth outlook for the current operating income rate is unchanged at around 130 basis points compared to 2020.”

Manitou is based in Ancenis, France, with U.S. headquarters in West Bend, Wis.