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Manitou Earnings Rise 20 Percent in First-Half 2012

Manitou Group last week announced earnings for the first half of 2012, reporting that revenue jumped 20 percent to €672 million (U.S. $842.1 million) from €562 in the first half of 2011. Operating profit increased 22 percent to €31 million (U.S. $38.8 million) from €25 million in the same period a year ago.

“H1 delivers good progress on our financial performance, and that’s an accomplishment in today’s economy,” said Jean-Christophe Giroux, Manitou president and CEO. “At the same time, that progress has been slower than expected, as margins get affected by a combination of new elements, either current or more structural.

“On the current side, H1 registered some one-off costs due to the RTH lead times reduction effort, new product launches, and external events such as the Festival or Open Up. It also suffered from certain difficult supplier situations and overall negative purchasing variances.”

The Rough Terrain Handling Division generated €473 million of revenue in the first half, a 19-percent growth over the year-ago period. The company has made efforts to reduce lead times and revisit processes. RTH is also affected by inflation on raw materials, the cost increase effects of the new engine regulation and a less favorable product mix

The Industrial Material Handling Division posted a 14-percent revenue increase of €84 million (U.S. $105.2 million), from the first half of 2011. With revenue of €115 million, the Compact Equipment Division posted a 27-percent increase over the first half of 2011. CE reinforced its industrial means to secure the business ramp-up and prepare the new Yanmar partnership launch.

Given a strong backlog on June 30, Manitou said second-half 2012 revenue should be flat or slightly up vs. the second half of 2011, confirming an overall 10-percent growth on a full-year basis.

In personnel news, the company appointed Fabrice Beslin president, Industrial Material Handling Division, replacing Jean Louis Hervieu who is retiring. Beslin joined Manitou Group in 2005 and was promoted IMH deputy president a year ago to ensure a smooth transition.

Manitou, headquartered in Ancenis, France, designs, assembles and distributes material-handling solutions for agriculture, construction and industrial markets.

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