ANCENIS, France — Reporting on Manitou Group’s fourth quarter financial results, Michel Denis, president and chief executive officer, said, “2018 is again a record year for the group. Revenues of €1,884 million ($2,517 million), representing year-over-year growth of 19% compared to 2017, cumulative order intake of €1.9 billion ($2.18 billion) and an order book that, for the first time in our history, has crossed the €1 billion ($1.15 billion) threshold. Overall, the group will have grown by around 40% in just 2 years.”
The Manitou Group is a manufacturer of rough-terrain handling machinery for the construction and agriculture industries.
According to the most recent release, the Manitou Group has made progress in all regions, particularly in Northern Europe and North America. By sector of activity, construction has been the strongest, a sector in which performance in equipment rental has been very strong on all continents.” The dynamics in agriculture and industries were also excellent,” the company said.
“Year-end order intake reached an exceptional level. Based above all on solid fundamentals and market confidence, they were amplified for some customers by an anticipation linked to the extension of our delivery times. In order to meet our customers' requests, we have succeeded in optimizing our production rates. This has allowed us to replenish certain stocks of mid-range products in order to regain a certain commercial flexibility as from first quarter 2019,” the company reported.
“Aware of the current uncertainties regarding the accumulation of risks that could potentially trigger an economic slowdown, we remain focused on our development objectives while ensuring that we are still agile in the event of a turnaround.
“Although cautious but confident, the depth of our order book allows us to anticipate, all other things being equal, a revenue growth outlook for 2019 of around 10% compared to 2018.”
Sales by Division
Sales by Region
Business Review by Division
The Material Handling & Access (MHA) Division posted quarterly revenue of €364 million ($417 million), up 21% vs. fourth quarter 2017 and +18% over 12 months (+20% at constant exchange rates, accounting standards and scope). In markets that are still focused on growth, the division made progress in all sectors and geographies. Order intake was very strong, which is reflected in the year-end backlog. The long-term growth prospects are leading the division to increase its industrial capacities in the aerial work platform. The construction of a second aerial platforms factory in Candé (49) has been approved. This €26 million investment will be delivered at the end of 2020.
The Compact Equipment Products (CEP) Division generated fourth quarter revenue of €88m ($101 million), up 29% vs. fourth quarter 2017 and +28% over 12 months (+28% at constant exchange rates, accounting standards and scope). The division delivers the group's strongest growth with very sustained development in the United States, particularly among rental companies. The division is also continuing its work to strengthen its sales resources in order to better address its markets.
With sales revenues of €72 million ($82.5 million), the Services & Solutions (S&S) Division recorded a 12% increase in revenue compared to fourth quarter 2017 and a 10% increase over 12 months (+8% at constant exchange rates, accounting standards and scope). At the beginning of 2019, it took a new step forward by massively globalizing the digitization and connectivity of machines.