Sales for the first quarter of 2017 were up 22 percent for Manitou compared to the same period last year. Total revenues for the quarter were €380 million, 22 percent higher than 2016's Q1, with order intake on equipment at €433 million compared to €307 million.
"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 chief executive officer of Manitou.
"The Group's growth was experienced across its entire geographical range," Denis added. "In the construction sector, growth was particularly dynamic in Europe and in North America, with that region experiencing 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.
The excellent start to the year with a very strong seasonality as well as the size of our order book lead us to raise our anticipation for 2017 with now a growth in sales revenues of 7 to 10 percent and an improved recurring operating income of 50 to 70 basis points relative to 2016."
Manitou's material handling and access division saw revenues increase by 20 percent to €260 million. The compact equipment division, which consists mostly of Gehl telehandlers, saw a 40 percent increase to €57 million, driven North America rental. The parts and service division saw a 17 percent rise to €63 million.