Manitou sales in the third quarter of 2019 were up 4 percent compared to the same period in 2018, and up 18 percent for the first nine months, year-over-year. Michel Denis, president/CEO, said in a prepared statement that the results confirm “the start of the slowdown already announced.”
He said he expects 2019 sales to grow 10 percent over 2018 numbers. In a press release, the company said orders are down, and cited declining markets, particularly in the United States and Northern Europe, as well as “shortening of our delivery times, allowing our order book to match the deadlines adapted to our customers’ needs.”
The company expects a lower increase in operating income for 2019, reducing it by 10 to 30 basis points.
Sales in the compact equipment division, which includes Gehl, were down 7 percent compared to the third quarter of 2018, and increased 10 percent over the first nine months of the year, compared to 2018. Manitou noted that floods in Madison, South Dakota, caused it to shut down production operations for six weeks. It expects to have operations back to normal shortly.
Source: Manitou Group
