20.04.2022

Haulotte rebound

Haulotte has issued its first quarter sales numbers with a 28 percent improvement over last year’s results.

Total revenues came in at €135.8 million just topping the first quarter 2020 figures, but still well below the record €163.2 million achieved in the first quarter of 2019. The increases were across the board with new equipment sales up 26 percent on the year, while rental increased 31 percent and after-sales services 19 percent.

European sales increased by 21 percent rebounding from a steep fall this time last year. In Asia-Pacific, sales jumped 43 percent driven by its business in Australia. North American revenues improved 19 percent, thanks to a strong rebound in the Biljax scaffolding business, which grew by 47 percent. In South America sales increased 45 percent, with most of the growth coming from Brazil.

The company statement said: “In line with 2021, the global aerial work platform market showed sustained growth in the first quarter of the year in all geographical areas, despite persistent supply difficulties for certain components and the initial effects of the war in Ukraine.”

2022 Outlook:

“Despite a very complicated environment linked to the persistent shortage of certain components, the Ukrainian crisis and the rebound of the Covid-19 epidemic in China, the commercial dynamic observed over the last few months shows no sign of slowing down for the moment, enabling the group to post a level of order backlog that is still up compared to its last publication and to confirm a growth in sales of more than 20 percent.”

“The effects of the Ukrainian conflict on the cost of components, energy and transport, and the responses to be made, are currently being assessed. Given the uncertainties linked to the impact and duration of the conflict, the group is not in a position to confirm, at this stage, its current operating margin targets for 2022.”

Vertikal Comment

It is good to see a solid bounce back from Haulotte, the level of which has almost certainly been constrained by production challenges caused by component shortages. The lock downs in China could cause some further issues in the second quarter which probably mean business this year will not set new records. One thing that will be interesting is how its performance compares to other major manufacturers such as JLG, Genie and Manitou, all of which report publicly. Haulotte does not usually issue a full quarterly report, so we will probably have to wait until the half year to see more detail.