Manitou Revenue Up 19 Percent for Year

February 5, 2018
The Manitou Group sales for 2017 were up 19 percent

The Manitou Group reports sales for 2017 topped $1,974 million (€1,591 million) surpassing 2016's $1652.7 million (€1,332 million) by 19 percent. Sales for Q4 totaled $532 million (€432 million) 35 percent higher than 2016's Q4 $396 million (€319 million)

Michel Denis, Manitou CEO, said, "The Group ended the financial year having strengthened its market share and grown its sales revenues by 19 percent. Development was recorded in all geographical regions. In terms of sector, construction has seen the liveliest growth, driven by market momentum and strengthened activity with European and North American rental companies. In the agricultural sector, our new range of telehandlers has enjoyed even greater success. This has enabled us to strengthen our position in a market that is buoyant again. Lastly, in industry, the Group has bolstered its positions in the industrial and all-terrain handling equipment segments."

Manitou sales by segment:

The Material Handing & Access (MHA) division saw a 43 percent Y2Y increase, and was up 21 percent for the full year. The Company credits its launching new products at frequent intervals including its range of masted forklift trucks and the return of the articulated telehandlers segment. The company has begun distributing its first aerial work platforms and industrial forklifts trucks in the U.S.

The Compact Equipment Products (CEP) division posted fourth quarter sales of 68 mil, up 31 percent over the same quarter in 2016. CEP sales were up 20 percent for the full year. 

The Services & Solutions (S&S) division increased revenue by ramping up sales of accessories, used equipment and rental solutions. Q4 sales in 2017 were up 9 percent, and up 19 percent for the full year.

Denis continued, "In the fourth quarter, our sales performance improved, as customer orders have continued to develop and surpass previous invoicing levels for the fourth quarter. This means that we closed the year with our order book having reached record levels, at more than $868 million (€700 million).

"The entire operational chain proved capable of coping with the inevitable tensions that arose during the rapid ramp-up in production needed to deliver the required volumes. This acceleration in activity occurred amidst continuing costs inflation for materials. The Group is reflecting these costs in its sales prices, but is applying them over an extended period of time, given the large number of orders placed which will impact on the operating margin without jeopardizing the 2017 guidance."

The depth of the order book and the robust state of the markets across all geographical regions and business sectors allow us to anticipate for 2018 a growth in sales revenues of 10 percent over 2017, anticipating stronger growth in the second half of the year. "