Manitou growing, but order intake decelerates
By Murray Pollok20 July 2011
Manitou reported continuing growth in sales in all its markets in the second quarter although the rate of increase in order intake has decreased because of renewed uncertainties about the world economy.
The French company said it had seen the first deceleration in order intake for two years; "with a slowdown of the post-crisis ‘catch-up effect' and some renewed doubts from mature countries regarding general world economics."
The company still has a high backlog - around 10000 units - and said this backlog will secure second half revenues close to first half revenues, with full year revenues forecast to be 30% higher than 2010.
The company's revenues were up 31% to €295 million for the quarter, with Europe and France growing 29% and 25%, respectively, and both the Americas and the rest of the world showing 45% increases.
The best performing division was compact equipment, which largely comprises the Gehl and Mustang businesses in the US, where sales grew by 51% to €49.8 million. The telehandler and access business grew by 30% to €205.7 million in the quarter, and the industrial forklift business grew by16% to €39.8 million.
Manitou said the telehandler and access division saw solid demand "amplified by the come-back of regional rental firms for both products". In North America, Manitou said Gehl was benefitting from steady skid steer renewal orders and "a progressive return of rental customers for telehandlers."
Jean-Christophe Giroux, Manitou president and chief executive officer, said; "It's been a very busy quarter, with lots of operational issues but the satisfaction of confirmed growth in the end, driven by the Compact equipment division and markets outside Europe.
"Plants and workforce have been adjusting daily to supplier shipments, yet could already deliver a significant ramp-up in manufacturing volumes over Q1. The backlog is starting to ease out a bit which will help from a lead time perspective."