Manitou third quarter revenues up 10 percent

|  November 01, 2012 |

Manitou’s third quarter saw slightly more than €286 million ($370 million) of revenue, an increase of 10 percent over the previous year, according to the company’s latest earnings report.

With €959 million ($1.2 billion) in revenue as of Oct. 1, the company reports that it expects to meet or exceed its forecasted fiscal year 2012 revenues of €1.25 billion ($1.6 billion). Should they meet the €1.25 billion goal, it would represent a 10 percent increase in revenues over 2011.

Despite the good news, Manitou expects 2013 revenue to flatten with two constrained half-years.

“Order intake remains very volatile from one week to the next, and from one country to the next,” said Manitou President and CEO Jean-Christophe Giroux. “Europe clearly slows down but US are quite strong with rental coming back.”

The Rough Terrain Handling (RTH) Division generated 1 percent revenue growth year-over-year, with a total of $242.2 million; the Industrial Material Handling (IMH) Division generated 23% revenue growth year-over-year, with a total of $48 million; and the Compact Equipment (CE) Division generated a 39% revenue growth year-over-year, with a total of nearly $81 million.

To view the full report, click here.

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