Manitou experienced growth in the third quarter.
French equipment maker Manitou has experienced growth in the third quarter, with sales rising 18% to EUR323 million (USD351 million).
There has also been a modest rise in orders, with EUR206 million (USD224 million) booked in the quarter - up from EUR189 million (USD205 million) for the same time last year.
Michel Denis, president and chief executive officer, notes that the group recorded strong growth in the third quarter, "with very contrasting market dynamics".
"Growth is particularly steady in Europe - notably in the construction sector - due to the increased penetration of Manitou forklift trucks and aerial work platforms in a strong market. In the agricultural sector, the regulatory end to the commercialisation of machines equipped with Euro 3B engines at the end of September this year increased the demand for these products in September but does not reflect the sector's underlying trend which remains depressed. In North America, markets are still weak and under competitive pressure."
Denis predicts that the current market dynamics should last until the end of the year and says "this good quarter permits us ... to confirm and consolidate our outlook for the current financial year".
Manitou's Material Handling and Access Division reported growth of 31% compared to the same time last year, boosted by demand in the construction sector, while sales in the Compact Equipment products division slipped 6%. The fall was more pronounced for the nine-month period at 23%. In North America, the division is continuing to suffer from weak demand and increased competitive pressure in the construction and agricultural sectors. Furthermore, business competitiveness outside the United States is continuing to suffer from the impact of foreign currencies.
The Services and Solutions Division reported a 4% increase compared to Q3 2015, and is continuing to develop and structure new offers of services and tools. The result of this work is the steady increase in its sales, Manitou predicts.