Manitou, manufacturer of equipment for agriculture, construction and other industries reported its net sales for the first half of 2020 down 35% to €762 million ($895 million) from €1,163 million ($1,366 million) in the first half of 2019. The company also reported order intake in the second quarter of 2020 at €180 million ($211 million), down 37% from €286 million ($336 million) in the second quarter of 2019. Besides Manitou equipment, the company is also known for its Gehl and Mustang branded equipment.
Michel Denis, CEO, said, "The first half of 2020 was highlighted by the sudden COVID-19 crisis that has been disrupting our markets since mid-March, resulting in a 35% drop in our sales compared to a record first half of 2019. On the industrial side, we were able, from mid-April, to gradually restart the French and Italian plants' production lines by introducing strict health and safety procedures. Significant production re-planning work has been carried out with our customers and suppliers in order to be able to deliver the most urgent orders. This was particularly the case for those in the agricultural sector or in remote geographical areas whose seasonality required shipment before the summer shutdown."
The MHA - Material Handling & Access Division achieved sales of €496.5 million ($583 million), down 40.2% over 6 months compared to an exceptional basis in 2019. The MHA division was strongly impacted by the COVID-19 pandemic. Its sales declined in all geographical areas, particularly in Northern Europe and APAM, in all its markets (construction, agriculture, industries). The division's margin on cost of sales amounted to €60.9 million ($72 million), down 50.9% compared with the first half of 2019.
The CEP - Compact Equipment Products Division recorded sales of €123.2 million ($144 million), down 30.9% over 6 months (–32.1% at constant exchange rates and scope). The division was impact ed by the COVID-19 pandemic, particularly in the US and APAM zones and Telehandlers products. The margin on cost of sales reached €7.4 million ($9 million), divided by 3 compared to the first half of 2019.
With revenue of €141.9 ($167 million), the Services & Solutions Division (S&S) recorded a decline of 8.6% over 6 months (–10.7% at constant exchange rates and scope), impacted by the COVID-19 pandemic. Business declined in all geographical areas, particularly in the APAM zone, as well as in all of its markets, with the exception of services and rental activities, which are more resilient in the current crisis period. This decrease led to a €1.9 million ($2 million) reduction in the margin on cost of sales compared with the 1st half of 2019, to €42.1 million ($49 million).