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Manitou Group — Earnings Release 2010
Apr 29, 2010
1503_10-q_2010-04-29_21df0c6f-61c8-4aa6-b7b8-5bffed660f5a.pdf
Earnings Release
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Q1'10 Revenue: Manitou Ramping up again
- Net Q1'10 Revenue of €162m
- Organic sequential growth of +5.2% vs. Q4'09 (excl. Inventory pushout program)
- Business still 16% below 2009 year-over-year but inflexion point right now
- New interest created at BAUMA Munich with innovative offering and Terex agreement
- Reorganization of French manufacturing subsidiaries for better efficiency
- Supply Chain under pressure to deliver on current backlog, with suppliers situations blurring visibility
- H1'10 revenue expected to be close to H1'09 but H2 still delicate to predict
Jean-Christophe Giroux, Manitou President & CEO declared: « After resuming growth in Q4'09, we're now getting above the 2009 level year-over-year. The level of Q1 orders does not appear to be sustainable, as it reflects more 2009 corrections than 2010 demand pick-up, but we're very active organizing ourselves for this new momentum. We're streamlining our organization and introducing a fresh approach to our business that has been very well received at the Baumaschinen tradeshow in Munich last week, including our cross-selling agreement with Terex in Aerial Work Platforms. At the same time, ailing suppliers put our leadtimes under more pressure and compromise our capacity to capture more business. In this context, visibility for H2 remains poor but does not spoil our enthusiasm to fight our way up again."
Net sales by division
| Year-Over-Year | Sequentially | |||||
|---|---|---|---|---|---|---|
| € in million | Q1'2009 | Q1'2010 | % | Q4'2009* | Q1'2010 | % |
| RTH | 135.7 | 116.2 | -14% | 131.0 | 116.2 | -11% |
| IMH | 35.3 | 24.9 | -30% | 30.3 | 24.9 | -18% |
| CE | 20.9 | 21.0 | 0% | 18.2 | 21.0 | +15% |
| Total | 191.9 | 162.1 | -16% | 179.5 | 162.1 | -10% |
Net sales by region
| Year-Over-Year | Sequentially | |||||
|---|---|---|---|---|---|---|
| € in million | Q1'2009 | Q1'2010 | % | Q4'2009* | Q1'2010 | % |
| France | 70.2 | 58.6 | -16% | 62.3 | 58.6 | -6% |
| Europe | 84.7 | 67.6 | -20% | 81.9 | 67.6 | -18% |
| Americas | 21.7 | 17.3 | -20% | 14.4 | 17.3 | +20% |
| Rest of the world | 15.3 | 18.6 | +21% | 20.9 | 18.6 | -11% |
| Total | 191.9 | 162.1 | -16% | 179.5 | 162.1 | -10% |
* including €25m of Inventory Pushout Program
French Operational Environment
Manitou is progressing on its Reorganization Plan for French manufacturing subsidiaries, as announced on April 6. As per the plan, these entities will be merged into the mother company for higher administrative efficiency and HR fluidity; this becomes even more relevant in a context where French sites have resumed fulltime employment and even adding some temporary workers to increase throughput. Those temps, have been selected in priority from earlier departed employees or manpower made redundant with local suppliers.
News from Bauma
Manitou exhibited last week at Bauma Munich a slate of new products:
- A compact telescopic forklift truck: the MT625
- Three models of rotating hi-capacity telescopic forklift trucks: the Easy MRTs
- A heavy load (8-ton) telescopic machine: the MHT780
- A all-terrain articulated AWP with large basket: the 160ATJ+
- A new vertical lift skidloader: the Gehl V270
All these machines come as proofpoints for the new "EASY FOR YOU" approach introduced by Manitou: Easy to Use, Easy to Rent, Easy to Operate. This approach also highlights the value of attachments for specific applications and higher user value, as well as the importance of service for customers and partners.
Forthcoming Events
June 24, 2010: Annual Shareholder Meeting Corporate information is available at: www.manitou.com Shareholder Information: [email protected]
Listing Codes:
Code ISIN: FR0000038606 • MNO : MTU • Reuter: MANP.PA • Bloomberg code: MTU.FP Indices: SBF 250, NEXT 150, MIDCAC 100