Manitou, manufacturer of equipment for agriculture, construction and other industries reported a 6% year-over-year decrease in sales during the fourth quarter of 2019 and an 11% increase in full year 2019 vs. 2018. Besides Manitou equipment, the company is also known for its Gehl and Mustang branded equipment.
Manitou reported that order intake doubled in the fourth quarter of 2019 compared to the previous quarter; the company also ended 2019 having exceeded the €2 billion ($2.2 billion) mark in revenue for the first time.
The Material Handling & Access Division (MHA) generated quarterly sales of €333 million ($368 million), down 8% compared with 4Q18 and up 13% over 12 months (up 12% at constant exchange rates and scope). There was gradual adjustment of production capacity in view of the combination of slower order intake and shorter delivery times.
The Compact Equipment Products Division (CEP) achieved 4Q19 sales of €81 million ($90 million), down 8% compared with 4Q18 and up 5% over 12 months (up 1% at constant exchange rates and scope). Significant work has been carried out to restore the Madison (S.D.) site in the U.S., which was blocked for 6 weeks due to flooding, the impact of which will be covered by insurance.
With revenues of €80 million ($89 million), the Services & Solutions Division (S&S) recorded a 12% increase in activity compared to 4Q18 and a 12% increase over 12 months (11% at constant exchange rates and scope of consolidation). The highest growth in activity was achieved in the service operations that have been reinforced over the last few years.