15.10.2019

Growth slows at Haulotte

Haulotte has published details of its third quarter revenues showing slower growth than expected.

Looking at the nine months to the end of September, total revenues were €477.9 million, up 15 percent on the same period last year. Of this new equipment sales were 16 percent higher at €422.5 million, with the European market now declining compared to last year, although the company says that its year to date sales are still 13 percent up on the year.
In Asia-Pacific sales were 18 percent higher, driven by sales in China and Australia. The company’s South America operation had a good third quarter with year to date sales up nine percent, driven by an upturn in Brazil. In North America Haulotte saw sales growth of 17 percent, mainly due to scaffold activity.

Looking at the third quarter revenues, total sales were just four percent higher at €135.3 million. The company said: “the market has accumulated indications of slowing down since our last financial release”.

New equipment sales in the quarter were 3.9 percent higher at €116.7 million, while parts and service revenues were eight percent higher at €13.3 million and rental revenues increased 36 percent to €5.3 million.

The company says that with an increasingly uncertain global economic context pushing major market players to adopt a ‘wait and see’ attitude, it is unlikely that it will meet its objective for 2019, of sales and operating income growth of around 10 percent.

Vertikal Comment

This is not a bad set of numbers from Haulotte, although one assumes that the company’s order book is looking a little bleak, given its full year prognoses. Traditionally the fourth quarter has always been one of the company’s strongest, it looks as though this year will be less positive.
There is still time for this to change, but more importantly is the outlook for 2020.