The Manitou Group posted third quarter revenues of €419 million (about U.S. $476 million), an 18-percent increase compared to the third quarter of 2017. Third quarter order intake on equipment was €346 million compared to €311 million in the third quarter of 2017, an 8 percent boost. The order book at the end of the third quarter on equipment was €825 million, compared to €526 million at the end of the third quarter a year ago, a 56.8-percent jump.
With third quarter sales of €277 million, the Material Handling & Access Division recorded a 19-percent year-over-year increase, and a 17-percent jump for the first nine months of the year. The dynamics of the construction, agriculture and industrial markets remain buoyant, the company said. The division continues, with all of its suppliers, to organize the acceleration of some of its sites to maintain its delivery times.
The Compact Equipment Products generated third quarter revenue of €74 million, a 26-percent increase year over year. CEP jumped 28 percent for the first nine months of the year. With a favorable outlook, including with rental companies, the division continues to accelerate despite having to deal with labor tensions, supply chain tensions and the impact of customs tariff increases.
The Services & Solutions Division posted revenues of €68 million for an 8 percent year over year increase.
“In markets that remain buoyant, the group is continuing to expand in all sectors and most geographies,” said Michel Denis, president and CEO. “The successes of new products and services and the penetration of new markets reinforce this growth. The industrial sites continued to accelerate their production rates with a good control of the operational chain in a context of supply constraints. In the United States, the scarcity of manpower and the impacts of the entry into force of the new customers tariffs make the conditions of activity more expensive.
“In this context, I am pleased that this growth is accompanied by strong job creation at all our sites. Order intake increased by more than 10 percent compared to Q3 2017, which was already very good. The depth of our portfolio allows us to confirm our outlook for revenue growth for 2018 of more than 15 percent compared to 2017, as well as the improvement in recurring operating income by more than 80 basis points, or around 6.8 percent of revenue.”
In the third quarter sales increased 17 percent in Northern Europe, and 25 percent for the first nine months. In Southern Europe, sales increased 25 percent in the third quarter and 8 percent for the first nine months. In the Americas, sales leaped 18 percent in the third quarter and 16 percent for the nine-month period. In Asia Pacific, sales increased 9 percent in the third quarter and 20 percent for the nine-month frame.