Good financial results for Manitou
First publishedon www.WorldHighways.com
French off-highway machine manufacturer Manitou reports strong financial performance, despite tough trading conditions. Jean-Christophe Giroux, Manitou president and CEO said, “It’s been another great quarter, that somewhat contrasts with the general perception because we’re at a double inflexion point. This will not materially impact our full year 2012 revenue, which we still forecast to be up 10% vs. 2011, still within our 10-15% guidance. But we’ll adjust our runrates and throughput dynamically.”
He continued, “The new environment confirms that the industry is moving away from long and steep cycles to shorter and more contrasted market situations where reactivity, adaptability and flexibility will be key. It does not change our vision of the market potential, nor our own ambitions, capacity and enthusiasm to lead it and get to the next level.”
The firm saw revenue for the second quarter of 2012 of €357 million, up 21% from the previous year and 13% sequentially compared with the first quarter of 2012. The rough terrain handling (RTH) division generated revenue of €252 million, up 23% from the second quarter in 2011. The compact equipment (CE) division generated a 24% revenue growth at €61.8 million compared with the same period in 2011. The firm said that in North America, large rental customers have provided good business for the Gehl branded telehandlers. By contrast, Europe is suffering on its traditional skid steer markets due to the sluggish construction and economic situation, and in Southern Europe especially.