Manitou 3Q09 Revenues Off 47 Percent Year over Year

Manitou Group last week announced that third-quarter 2009 revenue for the group declined 47 percent to €146.7 million (about U.S. $216.9 million) from €275.6 million (U.S. $407.5 million) in the 2008 third quarter. Revenues for the first nine months of 2009 were €504.5 million (U.S. $746.0), a decrease of 50 percent over €1.0 billion (U.S. $1.48 billion) for the first nine months of 2008.

“Manitou’s environment is not any different from the one described a month ago for H1 earnings; business continues to decrease (in particular due to a perturbed agriculture market) but less rapidly than at the beginning of the year,” said Jean-Christophe Giroux, Manitou president and CEO. “For the first time in 2009, the order book represents more than three months of sales, and it looks like we’ll be reaching a low point somewhere in Q4. In addition, Manitou continues to improve its adaptation plans, on inventories, reduction of fixed costs or indebtedness.”

Manitou, based in Ancenis, France, designs, manufactures and distributes material-handling equipment for the construction, agriculture and industrial sectors, and has a network of about 600 distributors in 120 countries. It makes aerial work platforms, compact loaders, masted forklift trucks and stackers, and is respected in the industry for the quality of its engineering.

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