Manitou net sales were about $2.5 billion in 2022, up 26 percent from 2021. Product sales were about $1.6 billion for the fiscal year.

Net income was about $92.7 million for 2022, down 37 percent from fiscal 2021.

The company cited supply chain difficulties, but said it had over come them. Inflation, however, caused problems. Although it was “immediately” reflected in sales prices, the company’s backlog caused a “time lag,” according to Michel Denis, president/CEO.

“This situation caused a significant cyclical squeeze on margins,” he said in a statement.

“The demand from our markets and the depth of our order book lead us to anticipate revenue growth of around 20 percent in 2023, despite constant pressure on our supply chain and an increase in the recurring operating income as a percentage of sales of around 100 basis points, thanks to an improvement in the second half.”

Source: Manitou