Manitou: 2011 'shows a full recovery'

By Lindsey Anderson07 March 2012

Jean-Christophe Giroux, CEO at Manitou.

Jean-Christophe Giroux, CEO at Manitou.

French manufacturer Manitou's 2011 fiscal year earnings were €1.13 billion ($1.48 billion), up 35 percent over 2010, and it returned to profit with net profits of €36 million compared to a net loss of €16.7 million in 2010.

Manitou said it hoped to increase sales this year by 10 to 15 percent, and that it was targeting a doubling of its business over the next three to four years.

"Despite persistent operational hurdles, we've overperformed our own expectations and our 2011 healthcheck really shows a full recovery," said Jean-Christophe Giroux, president and CEO. "We've come a long way in just two years, but now want to project ourselves into the future again."

Manitou's Rough Terrain Handling (RTH) divison, which includes its core telehandler products as well as its access division, generated a revenue of €796 million ($1.04 billion), 36 percent up over 2010's €586 million ($768 million). Operating profits almost doubled to €47.0 million.

The Compact Equipment (CE) division - including the Gehl and Mustang businesses - posted a 47 percent rebound, driven by equipment renewal and a "dynamic" agriculture market. Operating profits were €6.1 million ($8 million) versus a loss of €18 million ($23.6 million) in 2010.

Manitou's Industrial Material Handling division posted revenues of €147 million ($192.8 million), a 19 percent growth over 2010.

"All regions grew with the exception of Southern Europe," the company said in a statement.

Manitou reported recurring EBITDA of €79 million ($103.6 million and 7.5 percent of revenue) versus €12 million in 2010.

"Looking ahead, we believe we are blessed with a unique business opportunity, and want to reaffirm our positioning as the material handling reference. We want to take advantage of all growth opportunities in a developing yet fragmented market and double our business over the next 3-4 years, to top by 35 percent the peak of our last cycle," Giroux said.

"2012 will represent a first milestone in this refoundation. It means fixing some old problems from the past, taking the full dimension of our present and (re)setting ambitions for the future.

"Our IMH and CE divisions are taking new turns and RTH now fully focuses on higher standards of operational performance. We have a lot to work on but the path to success is clear and we are in full marching order.

"Yet we also want to further improve our financial performance, all the way down the P&L with operating margin up one point and EPS growing by 50 percent. In this context, I see the proposed dividend as an appreciation for stockholders' support during three difficult years and another token of our confidence into our future."

The company's proposed dividend is €0.30 per share.

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