Manitou sales grow 12 percent in 2012

Logo ManitouDespite a slow fourth quarter, Manitou saw a 12 percent growth in net sales in 2012 over the previous year. Each of the group’s three divisions saw gains in 2012.

Net sales in 2012 finished at €1.26 billion ($1.7 billion U.S.), up 12 percent from the €1.13 billion ($1.5 billion U.S.) in 2011. Quarter four sales were down 1 percent from the previous year at €306.2 million ($415.3 million U.S.).

“We’re very pleased to deliver a 12% annual growth over 2011, quite an achievement in
the current context,” said Jean-Christophe Giroux, Manitou President & CEO, in a prepared statement. “Yet the real good news is the Q4 uptick in order intake after a drop
in Q3 that, looking back, appears more and more to be a technical consequence of our
reduced leadtimes. Still, business remains very volatile and calls for on greater agility,
mainly for rental RFPs that are gradually coming back.”

In 2012, the Rough Terrain Handling (RTH) division saw sales increase 8 percent to €856.6 million ($1.16 billion U.S.) while Industrial Material Handling (IMH) grew 11 percent to €162.9 million ($221 million).

But the biggest gains came from Compact Equipment which grew 30 percent to €245.2 million ($333 million U.S.) for the year. In the fourth quarter alone, Compact Equipment grew 29 percent with sales of €67.4 million ($91.5 million U.S.).

RTH sales fell 8 percent in quarter four to €196.7 million ($266.8 million U.S.) and IMH fell as well, down 3 percent to €42.2 million ($57.2 million U.S.).

“Operationally, Q4 has been very difficult with a steep adjustment of our manufacturing
throughput, and quality alerts from certain key components that we’re still evaluating
from a technical and financial impact,” Girioux said. “Those elements, together with shrinking margins, will inevitably weigh on our consolidated margin, which we revise to 4 percent approximate range versus our 5 percent guidance. This should not hide the progress towards a better operational performance and overall competitiveness moving forward.”