Manitou (MTU) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 revenues reached €593m, a 10% decrease compared to Q3 2023; nine-month revenues totaled €2,000m, down 3% year-over-year, reflecting economic and geopolitical headwinds and high dealer inventories in Northern Europe and North America.

• Order intake on equipment in Q3 2024 was €252m, up from €216m in Q3 2023, while the order book normalized to €1,107m from €2,718m, representing about six months of activity.

• The group is adapting to a less dynamic environment, with operational adjustments and a focus on agility.

Financial highlights

• Q3 2024 revenues by region: South Europe €207m, North Europe €186m, Americas €142m, APAM €58m.

• Product division Q3 revenues fell 13% year-over-year to €489m; 9-month revenues declined 4% to €1,692m.

• Services & Solutions division Q3 revenues rose 8% to €104m; 9-month revenues increased 4% to €308m, showing resilience.

• Q3 2024 regional sales: Southern Europe -3%, Northern Europe -22%, Americas -2%, APAM flat year-over-year.

• At constant scope and exchange rates, total nine-month revenue decreased 3% year-over-year.

Outlook and guidance

• 2024 revenues are expected to decline about 7% compared with 2023.

• Recurring operating profit for 2024 is anticipated to be over 7% of revenues.

• No significant change in the business environment expected through year-end.