19.10.2021

Positive Qtr. for Haulotte

French aerial lift and telehandler manufacturer Haulotte has reported further improvements in third quarter trading.

Total revenues for the nine months to the end of September were €355.3 million, an increase of almost 10 percent on the same period last year. This was made up as follows:

New equipment sales up seven percent on the years to €302.8 million, parts and services revenues of €40.2 million up 23 percent, and rental revenues up 32 percent to €12.3 million. European revenues improved seven percent, while sales in the Asia-Pacific region declined 12 percent. In North America, the upward trend seen in the first half continued with revenues up 38 percent - aerial work platform sales jumped 46 percent. South American rose 57 percent, albeit from a lower level.

Looking at the third quarter, total revenues were nine percent higher at €112.1 million but the company remained constrained by component supply difficulties. Equipment sales were eight percent higher, rental activity improved 41 percent and services by 24 percent.

The company said: “The continuation of the excellent sales momentum has enabled Haulotte to consolidate its historic order book level. However, given the confirmation of supply difficulties and strong price increase in components , the group confirms its forecast of sales growth by more than 15 percent compared to 2020 and its objective of a current operating margin, excluding foreign exchange gains and losses of between three and four percent."

Vertikal Comment

This is a decent set of numbers from Haulotte, which is clearly coping with the supply chain issues, but not showing any signs of overcoming the challenges yet. The inevitable disruption to work flows will of course have a significant impact on the bottom line. But it looks as though the company is on top of the situation, which is unlikely to ease until well into next year. It is worth noting that while the results are positive, total revenues are still around 25 percent below that achieved in the same period of 2019.

Comments

MT
"In North America, the upward trend seen in the first half continued with revenues up 38 percent - aerial work platform sales jumped 46 percent." These are impressive numbers for North America. I guess since they got that loser Steve Watts out of the way they now have someone in there who actually knows what an aerial platform is.

Oct 21, 2021
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