Manitou posted first quarter revenues of €450 million compared to €471 million in the first quarter of 2021, a 4.5 percent decline caused by supply chain issues. First quarter order intake on equipment declined from €815 million to €637 million. However, Manitou reported a record orderbook on equipment at the end of the first quarter of €3,274 million compared to €1,344 millionat the end of Q121.
“In the first quarter, the group achieved €450 million revenues, down 4 percent compared to Q121,” said Manitou president and CEO Michel Denis. “This withdrawal is the direct consequence of the health crisis at the beginning of the year and the difficulties in sourcing components, which slowed down deliveries of finished products. Less affected by these tensions, the Services and Solutions division registered a record revenue growth of 15 percent compared with the same period in 2021. From a commercial point of view, order intake for the quarter remains dynamic in almost all sales areas and business sectors.
“To date, the depth of our orderbook and our operational performance allow us to confirm our revenue growth forecast for 2022 of more than 20 percent compared to 2021. On the other hand, the impact of the conflict in Ukraine on the component, steel and energy prices is too volatile for the group to be able to confirm its current operating margin forecast for the year.”
In the Americas region, sales increased slightly from €87 million in the first quarter of 2021 to €89 million this year. Sales also increased about 19 percent from €42 million to €50 million in the Asia Pacific region. However, in Northern Europe, sales declined about 15 percent year over year from €193 million a year ago to €163 million in the just-concluded quarter. Sales decreased slightly in Southern Europe from €149 million to €147 million.