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Strong performance from Haulotte

Haulotte has reported its full year revenues for 2022, showing a sharp rise in sales across all sectors.

Total revenues for the year were €609.7 million - up 23 percent on 2021 - made up as follows:
New equipment sales - €523.8 million, an increase of 24 percent on last year.
Rental revenues €21.6 million - up 28 percent
Services which includes parts, service and used totalled €64.3 million - 23 percent higher than in 2021.

The order book/backlog at the end of December apparently reached record levels.

Geographic summary
Sales growth by region was as follow:
Europe up 12 percent in spite of a sharp decline in sales to Russia.
Asia-Pacific saw growth of 38 percent growth.
North America total sales grew by 15 percent, while revenues from powered access - aerial work platforms - were 10 percent higher.
South America posted a 26 percent increase, driven mainly by Brazil.

Fourth Quarter
Total revenues in the fourth quarter were €180.6 million, a 24 percent increase on the same quarter a year ago.

The full financial results will be published in late March but the company says that persistent pressures on the cost of components and the supply chain means that margins have not improved.

When it comes to the outlook for 2023 the company says that given the size of its order book, it is forecasting revenues to grow by more than 20 percent - thus approaching €750 million.

Vertikal Comment

This is a great result from Haulotte in terms of sales revenues, it is really beginning to gain some momentum. In particular the company is making solid progress in North America, breaking through into several of the major rental companies for the first time. If it can build enough machines the company stands a real chance of exceeding its current forecasts.