Difficult final quarter hits Manitou

Manitou has reported a 19% fall in revenues for the final quarter of 2024, with sales in Northern Europe down by 36% year-on-year.

Revenues in Southern Europe declined by 16% in the quarter and by 10% in Asia and the Middle east. Only in the Americas did the OEM report growth, up 3% year-on-year.

A Manitou MRT 2260 telehandler. (Photo: Manitou)

The difficult final quarter - reflecting poor economic conditions in markets including Germany and the Nordics - led to a 7% decline in full year revenues to €2.66 billion, compared to €2.87 billion in 2023.

Product sales - which represent 85% of its business - were down 9% for the year while Manitou’s services and solutions division reported 3% growth.

Michel Denis, Manitou’s president and CEO, said; “The group’s 2024 revenues are in line with its expectations, at 7% lower than 2023. This decline is particularly noticeable in Northern Europe, especially Germany and the Nordic countries.

“Fourth quarter 2024 activity decreased compared to the 4th quarter of 2023, which had reached a record level, creating an unfavorable base effect.”

Denis said that its business in Northern America recovered during the final quarter “and this region remains more dynamic for the group.” He said the launch of new product ranges plus other measures (see story below) should allow it “to take better advantage of the favourable conditions in [North America] in 2025.”

More positive was news on order intake for both the third and fourth quarters of 2024, which Manitou said has risen to a level not seen since the third quarter 2022.  The order book value was more than €1 billion at the end of 2024, which compares to €2.3 billion at the end of 2023 and €3.5 billion in Q4 2022.

“This momentum confirms the gradual return of markets to more fluid operating modes”, said Denis, “In Northern Europe, however, dealers’ inventories levels are still quite high in some countries.”

Denis said revenues for 2025 were expected to be similar to 2024.

Manitou Group inaugurates US plant expansion in preparation for North American market growth The company’s $20-million investment allows for a new range of telehandlers in Yankton, South Dakota, US