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Manitou Telehandler Mt420 014

Manitou Second Quarter Revenue Jumps 21.9 Percent

Aug. 13, 2022
Manitou posted first half sales of €1,056.7 million in 2022, compared to €969.6 million in the first half of 2021, a 9-percent increase.

Manitou posted first half sales of €1,056.7 million in 2022, compared to €969.6 million in the first half of 2021, a 9-percent increase. In the second quarter of 2022, Manitou reported €607 million compared to €498 in the second quarter of 2021, a 21.9-percent hike.

In the Americas, Manitou posted €111 million in the second quarter, compared to €88 million in the second quarter of 2021, a 26.1-percent increase. For the first half, it posted €201 million compared to €175 million a year ago, a 14.9-percent hike. In Southern Europe, second quarter sales were €220 million compared to €164 million in Q221, a 34.1-percent jump. For the first half, the increase was more modest, from €313 a year ago to €367 this year, 17.3 percent.

Sales in Northern Europe jumped 13 percent in the first quarter, although for the full half year, revenue dropped 1 percent.

"Thanks to a strong acceleration of our production and deliveries in the second quarter, the group closed the half-year with a 9-percent growth in revenues compared to June 2021,” said Michel Denis, Manitou CEO. “Our supply chain continues to be disrupted by capacity, availability and shipping problems, which continues to encourage our customers to secure their future supplies by taking orders at a consistently high level, which is reflected in our order book. The sudden acceleration of inflation, particularly for steel, has led to a significant deterioration in margins. The measures put in place to deal with are having an effect, but gradually, given the depth of our order book. In addition, the Services & Solutions division has confirmed its strong development and operational performance.

“The teams are very committed to adapting to these operational and inflationary constraints while remaining fully mobilized on our major challenges of energy, industrial, digital and service transformation. For the first half-year, recurring operating income stood at 4.3 percent of revenues, down sharply from the profitability achieved in June 2021, which was the highest level since 2008.

“For the 2022 fiscal year, we maintain our expectation of revenue growth in excess of 20 percent compared to 2021. This expectation does not include any assumption of restricted access to energy. In addition, the strong uncertainties regarding raw material inflation and, more generally, the economic context do not allow us to anticipate our operating margin level for the 2022 fiscal year at this time."

Manitou, headquartered in Ancenis, France, with U.S. headquarters in West Bend, Wis., includes the brands Manitou, Gehl and Mustang by Manitou.