16.10.2012

Growth slows at Haulotte

Third quarter revenues at access and telehandler manufacturer Haulotte have come in at €76.7 million, exactly the same as it recorded in the third quarter 2011.

For the nine months year to date the company is still ahead of 2011, with total revenues up 16 percent to €261.2 million.

This is broken down into new equipment sales – up 19 percent to €202.9 million, rental revenues up nine percent to €34.3 million and parts and service revenues up four percent to €24.1 million.

Geographically the slowest growth was reported in Europe which is up just four percent- slowing further in September. South America was the strongest in percentage terms, jumping 90 percent, Asia/Pacific was up 26 percent, and the USA up 30 percent.

The company says that it does not expect growth to resume in the fourth quarter which means that it is likely to come in around €340 million or 10 to 12 percent ahead of 2011.

Vertikal Comment

This is a surprising result from Haulotte but most likely reflects the fact that its European sales are heavily tilted towards Southern Europe which is of course struggling at the moment and not likely to change too much in the year ahead.

But one shouldn’t get too depressed as last year’s sales were substantially up on 2010 which was substantially higher than 2009. Unless the fourth quarter is a complete disaster the company is still likely to have done enough to move back into profit for the year as a whole and its solid gains in the Americas should continue through 2013.