Manitou: Q1 2017 Sales Revenues

Manitou: Q1 2017 Sales Revenues

Apr 21, 2017

Manitou: Q1 2017 Sales Revenues

Ancenis, 20 April 2017 – Michel Denis, President & Chief Executive Officer, stated: “With an increase of +22% in our sales revenue relative to the first quarter of 2016, our activity in the first quarter reflects both the improvement of the performance of Manitou, the recovery of most of our markets, as well as the effects of the scheduled termination of the law on accelerated depreciation of investments in France. The Group’s growth was experienced across its entire geographical range. In the construction sector, growth was particularly dynamic in Europe and in North America, with that region experiencing a major upsurge in rental companies. In the agricultural sector, the launch of our new range of telescopic handlers has a positive impact on our growth in an agricultural market that remains depressed.
The excellent start to the year with a very strong seasonality as well as the size of our order book lead us to raise our anticipation for 2017 with now a growth in sales revenues of 7 to 10% and an improved recurring operating income of 50 to 70 basis points relative to 2016.”

Revenues by division

 en millions d'euros Q1 2016 Q1 2017 Change % 
 MHA 217  260  20% 
 CEP 41  57  40% 
 S&S 54  63  17% 
 TOTAL 312  380  22% 

Revenues by sales areas
in millions of euros Q1 2016  Q1 2017  Change % 
 Southern Europe 132  148  11% 
 Northern Europe 99  128  29% 
 Americas 54  72  32% 
 APAM 26  33  27% 
 TOTAL 312  380  22% 

Business review by division
The Material Handling & Access division (MHA) had sales revenue of €260 million, up by +20% on Q1 2016. Growth was experienced across the board in all geographical areas, which led the manufacturing sites to organize so as to support the very significant increase in volumes.
The Compact Equipment Products Division (CEP) had sales revenue of €57 million, up by 40% on Q1 2016. Sales in North America were up sharply, thanks to an upsurge in rental companies. The manufacturing sites adapt to meet the demand.
The Services and Solutions Division (S&S) had sales revenue of €63 million, up by +17% on Q1 2016. The division is experiencing the strongest growth in its activity since its formation. This growth is the outcome of the needs generated by the increasing use of our machines by our clients, as well as the gradual growth in the new services offered by the division.

Acquisition of Terex Equipment (TEPL) in India
Manitou announced March 26, 2017 the acquisition of TEPL. Founded in 2003, this company is specialized in design, manufacture and distribution of construction equipment, mostly backhoe loaders and skid steer loaders and achieved a €30 million revenue in 2016, mostly in Southern Asia. Manitou Group reinforces its ambitions for the handling market in India and, on a broader level, in Asia and emerging countries. The group will be able to rely on a company already well-established in India and supported by a structured dealerships’ network and a solid service organization. This acquisition will thus enable the Manitou group to respond to local markets thanks to a qualitative industrial tool. This acquisition will be finalized over 2017 first semester. 

New Appointment
Rick Alton was appointed President of the Compact Equipment Products division, and member of the group's Executive Committee. With a degree from Frostburg State University (Maryland), Rick Alton spent most of his career within JLG Industries where he held various sales and product support roles, including Vice President and General Manager of JLG Caterpillar Alliance Group, and rising to the position of Vice President of Sales, Product Support and Market Development for the International Markets. He later served as Vice President for Distribution at the Contech Engineered Solutions Group.

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