Manitou posted first half sales of €970 million, a 27-percent increase compared to the first half of 2020. Manitou had a second quarter order intake on equipment of €858 million, compared to €180 million in the second quarter of 2020. The order book on equipment at the end of the first half of 2021 was €1,788 compared to €555 million in the first half of 2020.
Net income for the first half was €64.2 million compared to €13.5 million in last year’s first half. EBITDA was €110 million in the first half compared to €48 million in the first half of 2020.
Manitou expects 2021 annual revenue to be about 20 percent up compared to 2020.
“In a context of a strong rebound in activity, we closed the first half of the year with a level of performance that exceeded our objectives and a depth of order book that we had never experienced,” said CEO Michel Denis. “This dynamism was recorded in all markets and geographies, characterized by a historical acceleration in order intake, high billings and an exceptional backlog at the end of June of €1.8 billion. To meet the high demands of our customers, all the teams have been mobilized. Production rates are gradually being ramped up despite significant supply chain tensions.
“In the first half of the year, we have a high net sales sequence with purchase prices only slightly impacted by the announced price increases and operating costs under control, resulting in a peak of the recurring operating income of 8.8 percent of net sales, i.e., €85 million, as much as for the full year of 2020, a very good performance reinforced by a positive cash position at the end of June. This sudden rebound in the markets is supported by very high inflation in our purchases, particularly in steel and transport, which will impact our financial performance in the second half of the year.”
Denis said for the rest of the year, Manitou’s sales are expected to be stronger than initially forecasted, but below customers’ demand.
“Raw material increases will be fully implemented while our sales price adjustments will only bear fruit over the end of the year and the first half of 2022,” Denis added. “This configuration will have a substantial squeeze on the margin in the second half of 2021. This sequence will allow us to deliver a strong improvement in our performance in 2021 compared to 2020 and leads us to upgrade our revenue growth outlook for the year of around 20 percent compared to 2020 (previously more than 15 percent) as well as to upgrade our recurring operating margin growth expectation for the year of around 130 basis points compared to 2020 (previously more than 40 basis points)."
Manitou is based in Ancenis, France, with U.S. headquarters in West Bend, Wis.
