French heavy equipment manufacturer Manitou Group reports the cumulative nine months revenue till the end of Q3 fell 3% year-on-year to EUR2 billion (USD2.16 billion) while Q3 revenues slumped 10% y-o-y to EUR593 million (USD641.4 million).
President Michel Denis says the slowdown is the result of “economical and geopolitical environment deterioration from this summer as well as a high level of dealer inventories in Northern Europe and Northern America”.
“We currently do not anticipate a significant evolution of the business environment till the year end … the group anticipates, for the whole 2024 year, revenues slightly decreasing compared to 2023, with a recurring operating profit above 7% of the revenues”.
Austrian crane maker Palfinger reports revenue between Q1 and Q3 this year has dipped 3% y-o-y to EUR1.75 billion (USD1.89 billion) as the company says “European core markets, especially Germany, are stagnating while political uncertainty as the US faces an election is also slowing demand.
The company says it recorded “strong growth” in the APAC region “driven by high demand in India” while the Latin American region is “on course for growth”.
Palfinger chief executive officer Andreas Klauser says of the result: ”Our geographical and product diversification has been a decisive resilience factor in the first three quarters”.
“Given the volatile economic situation, we are actively tackling the challenges, increasing the attractiveness of our portfolio, intensifying customer proximity in growth regions and implementing cost-cutting measures.”
Finnish crane manufacturer Konecranes reports its order intake for the Q1-3 period of 2024 dropped 12.4% y-o-y to EUR2.83 billion (USD3.06 billion) while the order intake for Q3 increased 12.1% y-o-y to EUR9.562 million (USD10.3 million).
Konecranes chief executive officer Anders Svensson says group sales exceeded EUR1 billion (USD 1.08 billion) and were 6.8% higher y-o-y.
“Regarding the market outlook, we expect the demand environment within our industrial customers to remain healthy,” Svensson adds. “Our sales funnels continue at a high level, and we keep receiving new sales opportunities, but customer decision-making times remain longer for larger industrial projects.
“Overall, Konecranes’ performance continues to be strong. On a rolling twelve-month basis, we are now within our profitability target range in Service, Industrial Equipment and on the Group level. Port Solutions is approaching the range.”
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