Positive third quarter for Manitou

Manitou has declared a strong third quarter in its 2012 financial results, with revenue up 10% year-on-year at €286 million.

Jean-Christophe Giroux, Manitou president and CEO, said the company was on course to meet its full year revenue forecast of €1.250 billion despite a challenging marketplace. “Our focus is already on 2013, despite a very blurred environment. Order intake remains very volatile from one week to the next, and from one country to the next; Europe clearly slows down but the US is quite strong with rental coming back,” Mr Giroux said.

The biggest rise came in the Compact Equipment (CE) division, generating a 39% revenue growth at €62.5million compared to the third quarter of 2011. “In North America, business is supported by large rental customers’ partial re-fleeting programmes and the kick start of the Yanmar partnership,” said a company spokesman, “By contrast, southern Europe is suffering on its traditional skidsteer markets due to the sluggish construction and economic situation.”

The Industrial Material Handling (IMH) division posted revenue of €36.8million, up 23% year-on-year. The division continues to take advantage of the launch of its new counterbalanced industrial truck outside France, said the company.

The Rough Terrain Handling (RTH) Division generated revenue of €186.9m, up 1% on the third quarter 2011, which partly reflects the company’s efforts to reduce its lead times, it said.

Mr Giroux explained that the company had adjusted its manufacturing capacities through the year to match softer business demand in the first half, without compromising the anticipated rebound in the second half resulting from an improved economic climate in Europe. “We are also sustaining all our efforts to improve our operating performance, and remain focused on all possible business opportunities,” he said.