Manitou 3Q Sales Decrease

October 25, 2013

Manitou Group’s third-quarter 2013 sales totaled €282 million, a 2 percent decrease from the same period in 2012. Cumulative nine-month sales totaled €873 million, a 9 percent decrease from September 2012. Despite the decline in sale revenues, order intake was up to 6,500 units from 6,300 in the third quarter of 2012.

"Third quarter sales highlight the group's return to nearly the same level of business as the same period last year,” said Dominique Bamas, Manitou’s CEO. “Order intake for the quarter was again higher than last year’s. An improvement in the third quarter sales of the (Rough Terrain Handling) division, which was the best third quarter since 2009, was also observed."

With quarterly sales of €198.5 million, the RTH division reported sales growth of 6 percent compared to Q3 2012.

The Industrial Material Handling Division realized quarterly sales of €26.4 million, a decrease of 28 percent compared to Q3 2012. The division reported growth of 8 percent compared to Q3 2012, excluding the impact of the termination of the Toyota distribution contract. The division is focusing its efforts on developing its range of industrial trucks in France and internationally.

The Compact Equipment Division (CE) reported a decrease of 9 percent in sales as compared to Q3 2012, to €56.8 million, a 4 percent decrease at constant exchange rates. The division continues its growth in telehandlers, which remains driven by the business volumes of rental companies in North America. CE also launched the first TierIV skid steers on the U.S. market.

“At the operational level, we continue to organize ourselves to smooth fluctuations in business activity by maximizing the maintenance of production rates at constant levels,” Bamas said. “This permits us to react more responsively to the demands of all our customers, including the most cyclical among them."