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 in January 2024.

• Acquired majority 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, up 0.4% 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; highest in 15 years.

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

• EBITDA for H1 2024 was €159.8m (11.4% margin); another source reports €186m.

• Q2 2024 order intake €86m vs. €287m in Q2 2023; end-Q2 order book €1,344m vs. €3,061m in Q2 2023.

Outlook and guidance

• 2024 revenue expected to remain stable versus 2023, with recurring operating profit above 6.5% of revenues.

• Management warns H1’s strong performance is unlikely to be repeated in H2 due to weak order intake and production adjustments.