Manitou Group posted sales of €436 million (about U.S. $484.7 million) in the third quarter of 2019 up from €419 million in the third quarter of 2018, an increase of 4 percent. The material handling and access division, the company’s largest posted €293 million compared to €277 million a year ago, a 5.8-percent increase.
The compact equipment products division generated revenue of €69 million compared to €74 million a year ago, a 6.8-percent decrease. Services and solutions totaled €74 million compared to €68 million in the year-ago quarter, an 8.1-percent hike.
The third quarter represented a slower growth rate for Manitou compared to the first nine months of the year during which the group posted €1,599 million compared to €1,360 million for the same period a year ago, a 17,6-percent hike, with the material handling division jumping 21 percent, compact equipment products rising 10 percent and services and solutions hiking 12 percent.
The Americas region was the strongest in the third quarter with a 17.7-percent hike, with €93 million in sales compared to €79 million a year ago. The Southern Europe region grew by 8 percent, while Asia Pacific dropped 6 percent and Northern Europe 3 percent. For the first nine months of the year, the strongest growth came in Southern Europe at 26 percent, followed by 22 percent in the Americas, 14 percent in Northern Europe and a loss of 1 percent in Asia Pacific.
“Sales growth in the third quarter of was a 4 percent increase compared to the third quarter of 2018, and +18 percent for the first nine months of the year compared to the first nine months of 2018, confirming the start of the slowdown already announced,” said Michel Denis, president and CEO. “Order intake is down as a result of declining markets, particularly in the U.S. and Northern Europe, and the shortening of our delivery times, allowing our order book to match the deadlines adapted to our customers’ needs. To date, this evolution does not affect our expectation of revenue growth of around +10 percent for the full 2019 financial year compared to 2018.
Following the above-mentioned items and a six-week shutdown of our Madison plant due to floods, we expect a lower increase in current operating income in 2019, by 10 to 30 basis points.”
Manitou is based in Ancenis, France, with North American headquarters in West Bend, Wis.
