Material handling equipment manufacturer posted first quarter revenue of €323.1 million (about U.S. $348.7 million), an 11-percent increase compared to €291.3 million in the first quarter of 2014. The most dramatic increase came in The Americas, where revenue leapt 54 percent to €87.2 million, compared to €56.5 million a year ago.
Revenue in Northern Europe was also strong, a 12-percent year-over-year climb, while Asia Pacific jumped 16 percent. Revenue in Southern Europe declined 15 percent.
“The increase of sales of 11 percent (6 percent at constant scope and exchange rates) compared to Q1 2014 was characterized by an enlarged number of growth regions,” said Michel Denis, president and CEO, said. “All of the geographical sectors saw an improvement in business with the exception of France (difficult agricultural market and a wait-and-see attitude of rental companies), of Russia (political and economic crises) and of Latin America (economic crisis). In the construction industry, the sales continued to increase with strong growth drivers in the United States and Northern Europe. In the agricultural industry, sales remained stable compared to Q1 2014 and order intake benefited from the reconstruction of inventories by the sales networks.
“The level of business activity in Q1 increases our confidence of achieving our sales objective for 2015, a 3-percent growth rate at a constant scope and exchange rates, or growth of 6 percent at current exchange rates.”
Manitou, which includes the core brands of Manitou, Gehl and Mustang, had a 5 percent increase year over year in its Material H and Access division, a 3 percent increase in Services and Solutions, and a 40-percent surge in Compact Equipment Products.
Manitou is based in France.