Industry pressures hits Manitou revenue
27 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.”
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.
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.