Ease in supply chain lifts Manitou revenues

Revenue at Manitou rose 3% in the first quarter of 2024 to €685 million, despite an environment of slowing markets, said the company, with an ease in the supply chain also having a significant impact.

Michel Denis, President and CEO of Manitou, said international markets varied significantly, “In the North American market, our business plan has to contend with a growing wait-and-see attitude among customers and a very gradual ramp-up of our operations. On the other hand, European markets turned out to be more dynamic than expected.”

Thanks to the improving supply chain, Denis added that the company had also been in a position to cancel its equipment allocation limits to customers and reopen normal order intake from all its dealers.

At the end of the first quarter the company’s order book stood at €1,878 million, compared to €3,414 million in the first quarter of 2023.

“Our order intake is experiencing the opposite phenomenon to the one we experienced between 2020 and 2022, when the lengthening of delivery times pushed customers to anticipate their orders to secure their future revenues and led us to an order book of almost two years of activity.”

Denis added, “Today, the shortening of delivery times enables them to order at short deadlines, a phenomenon amplified by the low visibility of markets.” As a result, Manitou’s lead times now stand at around nine months.

Looking at the company’s different segments, the Product Division reported quarterly revenues of €583m, up 4% compared with the third quarter of 2023. The division is aligning itself with the level of activity in each market, it said, with very different dynamics depending on the product lines.

With revenues of €103m, the Services & Solutions Division (S&S) recorded a flat level of activity compared, reflecting the low level of activity in the markets.

Combined, these elements have lead the group to forecast stable revenues in 2024, compared with 2023, and a recurring operating profit of over 6.5% of revenues.

New ultra-compact from Manitou Compact model displayed at the ARA Show