Industry pressures hits Manitou revenue

By Euan Youdale27 April 2022

Manitou has reported a 4% drop in revenue in the first quarter of 2022, compared to the same period in 2021.

The lower revenue figure of €450 million was due to pressures in the market. Michel Denis, president and chief executive officer, said, “This withdrawal is the direct consequence of the health crisis at the beginning of the year and the difficulties in sourcing components, which slowed down deliveries of finished products.”

Manitou Group

With quarterly revenues of €355 million, the Product Division recorded a decrease of 9% (-10% at constant exchange rates), compared to the first quarter in 2021. As previously mentioned, the supply chain tensions and health crisis had an impact. However, the company said it has set up the necessary production resources to meet those challenges and achieve the expected production volumes to meet the demand in the market.

Less affected by these tensions was the Services and Solutions division, which registered a record revenue growth of 15%, (+13% at constant exchange rates) to €95 million, compared with the same period in 2021.

Looking at the group’s revenues by region, Southern Europe saw a 1% drop in the quarter to €147 million, while Northern Europe experienced a 15% decrease in sales to €163 million. In the Americas there was a 3% increase to $89 million, and in the APAM area there was a 20% rise in revenues to €50 million.

New Manitou brand image

Denis added, “From a commercial point of view, order intake for the quarter remains dynamic in almost all sales areas and business sectors.” The first quarter saw an order intake of €637 million compared to €815m in the same period last year. By the end of 2022 the company believes it will have a record order book of €3,274 million, up considerably from the €1,344 million in the first quarter of last year.

However, the company has postponed its operating margin guidance for the year due to the uncertainty caused by the war in the Ukraine.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Access, Lift & Handlers Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Featured Training From Easybook
NYC SST Online Training

The clock is ticking… Construction workers in New York City – have you fulfilled your required Site Safety Training (SST)? Get your SST card online now

Latest Events
Guide: SAIA Annual Convention & Exposition
The SAIA is set to educate – and celebrate – at its Annual Convention & Exposition, August 21-25 in Boston. SA provides a guide
ALH Conference: access and rental in 2023
From technology’s impact on rental operations to market updates and more, this year’s ALH Conference is poised to be the strongest ever
StepUp to bring Nordic decks to N.A.
StepUp participated with Nordic Platform’s development of composite decks and accessories over 12 years in Europe and believes North America is ready for their ESG and practical benefits
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website

CONNECT WITH THE TEAM
Lindsey Anderson Editor, Access, Lift & Handlers Tel: +1 312 929 4409 E-mail: lindsey.anderson@khl.com
Tony Radke Sales Manager Tel: +1 480 478 6302 E-mail: tony.radke@khl.com
CONNECT WITH SOCIAL MEDIA