Ancenis, France — Manitou Group, a worldwide manufacturer of rough-terrain handling equipment for construction, agriculture and other industries, reported third quarter revenues of €419 million ($478 million), up 18% vs. third quarter 2017. For the first 9 months of 2018, revenues rose to €1,360 million ($1,552 million) up 17% compared to the same period a year earlier. The company’s order book for the third quarter stood at €825 million ($942 million) vs. €526 million ($600 million) in the same period in 2017.
Michel Denis, president and chief executive officer, said, “In markets that remain buoyant, the group is continuing to expand in all sectors and most geographies. The successes of new products and services and the penetration of new markets reinforce this growth.
“The industrial sites continued to accelerate their production rates with a good control of the operational chain in a context of supply constraints. In the United States, the scarcity of manpower and the impacts of the entry into force of the new customs tariffs make the conditions of activity more expensive.
“In this context, I am pleased that this growth is accompanied by strong job creation at all our sites. Order intake increased by more than 10% compared to third quarter 2017, which was already very good. As a result, our order book remains at a high level and close to the level we had at the end of June.
“The depth of our portfolio allows us to confirm our outlook for revenue growth for 2018 of more than 15% compared to 2017, as well as the improvement in recurring operating income by more than 80 basis points, or around 6.8% of revenue."
Business Review by Division
With third quarter sales of €277 million ($316 million), the Material Handling & Access Division (MHA) recorded an increase of 19% compared to the third quarter 2017 and +17% over the first 9 months of the year. The dynamics of the construction, agriculture and industrial markets remain very buoyant. Along with its suppliers, the division continues to organize the acceleration of some of its sites in order to maintain delivery times.
The Compact Equipment Products Division (CEP) generated revenue of €74 million ($84 million), an increase of 26% compared to third quarter 2017 and 28% over 9 months. With a favorable outlook, including with rental companies, the division continues to accelerate by having to deal with labor tensions, supply chain tensions and the impact of customs tariff increases.
With revenues of €68 million ($78 million), the Services & Solutions Division (S&S) recorded an increase in its revenue of 8% compared to third quarter 2017. The division continues to develop its spare parts and attachments activities, while accelerating its progress in service activities.