PR Newswire/Les Echos/ Q4'12 Revenue: Sustained business in a difficult environment * Q4'12 revenue of EUR306m, flat year-on-year and up 7% sequentially * FY'12 revenue of EUR1,265m, up 12% versus 2011 * Sustained Q4 order intake with 9,000 units (vs. 6,300 in Q3) * Steep adjustment of manufacturing capacities * Several supplier/quality alerts still under evaluation * 2012 OP margin revised down to approx. 4% tentatively * Confirmed vision of 2013 revenue flat vs. 2012 Ancenis, January 29, 2013 - Jean-Christophe Giroux, Manitou President Et CE0 declared: "We're very pleased to deliver a 12% annual growth over 2011, quite an achievement in the current context. Yet the real good news is the Q4 uptick in order intake after a drop in Q3 that, looking back, appears more and more to be a technical consequence of our reduced leadtimes. Still, business remains very volatile and calls for on greater agility, mainly for rental RFPs that are gradually coming back. Operationally, Q4 has been very difficult with a steep adjustment of our manufacturing throughput, and quality alerts from certain key components that we're still evaluating from a technical and financial impact. Those elements, together with shrinking margins, will inevitably weigh on our consolidated margin, which we revise to 4% approx. range vs. our 5% guidance. This should not hide the progress towards a better operational performance and overall competitiveness moving forward." Net sales by division EUR in millions Q4 FY 12 months 2011 2012 % 2011 2012 % RTH 214.1 196.7 -8% 796.3 856.6 8% IMH 43.3 42.2 -3% 146.9 162.9 11% CE 52.4 67.4 29% 187.9 245.2 30% Total 309.8 306.2 -1% 1,131.1 1,264.8 12% Net sales by region EUR in millions Q4 FY 12 months 2011 2012 % 2011 2012 % Southern Europe 129.8 101.6 -22% 462.0 445.3 -4% Northern Europe 91.3 95.1 4% 373.1 416.1 12% Americas 52.9 69.9 32% 178.1 249.7 40% APAM 35.9 39.7 10% 117.9 153.7 30% Total 309.8 306.2 -1% 1,131.1 1,264.8 12% Divisional Review * The Rough Terrain Handling (RTH) Division generated revenue of EUR196.7m down 8% vs. Q4'11. Construction has been quite weak in Southern Europe but stable in Northern Europe. Agriculture remains sustained while New Business activities show solid growth, and firming up our positions in emerging markets. * The Industrial Material Handling (IMH) Division posted revenue of EUR42.2m down 3% vs. Q4'1 1 - a shortfall primarily attributable to the Toyota mast subcontracting business. Other activities, including finishing Toyota forklift distribution, have been quite good and driven by the new Manitou-branded forklift range launched in February 2012 outside France, and also available in France since the beginning of 2013. * The Compact Equipment (CE) Division generated a 29% revenue growth at EUR67.4m vs. Q4'11. North America has been fueling that growth again, both in Agriculture and Rental. Northern Europe remains good, contrasting with Southern Europe (the traditional skidsteer market) that still faces a very difficult environment. Presentation available on www.manitou-group.com Manitou, THE Material-Handling Reference, is headquartered in Ancenis (West of France). Manitou designs, assembles and distributes material-handling solutions for agriculture, construction and industry markets. Manitou reported in 2012 revenue of EUR1,265 million, of which three quarters outside France. Business is conducted under the Manitou, Gehl, Mustang, Loc and Edge trademarks, through 1,400 independent dealers in more than 120 countries. As of December 31, 2012, Manitou employed approximately 3,300 people of which 40% outside France. Forthcoming event March 6, 2013 (post closing): FY'12 Earnings Corporate information is available at: www.manitou-group.com Shareholder information: firstname.lastname@example.org Listing codes: ISIN: FR0000038606 * MNO: MTU * Reuter: MANP.PA * Bloomberg: MTU.FP Indexes: CAC Mid Et Small, CAC Small, CAC All-Tradable, NEXT 150 The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication. -0- Jan/30/2013 07:02 GMT
Q4’12 Revenue: Sustained business in a difficult environment
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