MANITOU has reported the firm’s half-year financial results, which revealed net sales for the first six months of 2024 of €1,407 million – a 0.4% increase compared with the same period a year ago.
Net income for the same period was €81.8 million (2023: €62.6 million).
Revenues for Q2, 2024 were €721 million, down 2% on Q2, 2023.
Manitou confirmed expectations of ‘stable revenue’ in 2024 compared with 2023 and a recurring operating profit above 6.5% of revenues.
Michel Denis, president & CEO, said, “The group closes a very good half-year in a context of contrasting activity and outlook. Sales for the first half were stable compared with the first half of 2023.
“Driven by stronger than expected momentum in Southern Europe, growth in Europe offset the decline in North America. Our ambitions for further growth in North America have been compromised by a lack of operational fluidity and by a much slower than expected ramp-up of our US industrial capacities, both of which we are gradually rectifying.
“Our first-half financial performance continues to benefit from the improvements we have been making over the past 18 months.The delayed effect of the realignment of sales prices with raw material prices achieved throughout the previous year is now bearing full fruit. This has been combined with a more favorable customer and product mix as well as reasonable control of fixed costs.
“All these factors helped to raise recurring operating profit for the half-year to 9.1% of net sales, the highest level for the last 15 years. However, this excellent performance will not be repeated in the second half of the year. In fact, the order intake dynamic remains an important area of concern, and it is too early to know its medium-term direction.
“In addition, the disparity in the depth of the order book between product lines has led us to reduce production at most of our industrial sites. All these factors allow us to confirm our sales and recurring operating profit guidance for 2024.”
