Manitou (MTU) H1 2024 earnings summary

Executive summary

• Celebrated 40th anniversary of public listing, reinforcing long-term vision and investor trust.

• Governance changes: Hervé Rochet appointed Chief Transformation & Governance Officer; Céline Brard as CFO.

• Acquired 75% stakes in Italian firms COME and Metal Work; agreement to acquire assets of South African dealer Dezzo Equipment.

• Launched new scissors lift range for Europe and ultra-compact MTA 519 telehandler in the US.

• Advanced sustainability with electric retrofit telehandler, partnership with Kiloutou, and fossil-free steel initiative.

Financial highlights

• H1 2024 net sales €1,407m, stable year-over-year; Q2 2024 revenues €721m, down 2% vs. Q2 2023.

• Recurring operating income €127.5m (9.1% of sales), up 45% year-over-year.

• Net income €81.8m, up 31% year-over-year.

• EBITDA €159.8m–€186m (11.4% of sales).

• Q2 2024 order intake €86m vs. €287m in Q2 2023; end-Q2 order book €1,344m, down 56% year-over-year.

Outlook and guidance

• Expects stable revenue for 2024 compared to 2023.

• Recurring operating profit for 2024 anticipated above 6.5% of revenues.