Manitou reported Q3 sales revenue of $300.7 million, an 8 percent decrease from the same period last year.
Sales by Division:
With third quarter sales of $185 million, the Material Handling and Access Division - (MHA) reported a decrease in sales of 8 percent compared to Q3 2014 and 2 percent over the nine month period. Southern Europe benefitted from a gradual improvement in the markets while Northern Europe experienced a pause in its business activity and the full impact of the crisis in Russia. Finally, the APAM region experienced a business environment made difficult by the effects of a slowdown in the Asian economies and the sluggish mining sector.
Per business sector, we noted improvement in the agricultural sector and a reduction in the construction sector over the nine month period due to the wait-and-see attitude of rental companies.
The Compact Equipment Products division - (CEP) reported sales of $55 million, a decrease of 19 percent compared to Q3 2014, and an increase of 10 percent over the nine month period. The North-American business was affected by this summer's financial disturbances which resulted in a drastic reduction in the rental companies business activity. In the other regions, the division continued to suffer from the Russian crisis and the general slowdown in themarkets within the APAM region. In addition, the division has initiated an adaptation program to face the market uncertainties.
The Services and Solutions Division - (S&S) reported a sales increase of 5 percent compared to Q3 2014 at $60.5 million and a sales increase of 7 percent for the first nine month period of the year. The division continues to organize its business activities by sharing the respective know-how within the group and the implementation of common management tools. Growth in the third quarter was especially highlighted in Northern Europe.