24.10.2023

Haulotte’s progress continues

French international aerial lift manufacturer Haulotte has reported strong revenue growth for the first three quarters, particularly for new machine sales.

YTD

Total revenues came in at €568.3 million up 32 percent on the same period in 2022.
New equipment sales for the nine months to the end of September jumped 36 percent to €497.9 million, driven by ongoing growth in North America, boosted by a bounce back in South America, while Europe and Asia also posted solid improvements.
Rental revenues, an increasingly small part of the group revenues were seven percent higher at €17.5 million.
Parts and service revenues increased 13 percent to €52.9 million.

Geographic growth
- Europe +19%
- Asia-Pacific +21%
- North America +86% - driven by a 128% increase in aerial work platform sales.
- South America +37% driven by the market in Brazil.

Full year outlook
With an “above average backlog” the company is forecasting annual revenue growth of between 25 and 30 percent for the full year, which would take total revenues to between €760 and €790 million, while operating margins are expected to improve by three to four percent.
Note: Haulotte does not usually publish financial results in the third quarter, at least not until later.

Vertikal Comment

With such a strong order book, we would anticipate Haulotte having a fourth quarter at least as strong as the third, which would take it to the top end of its forecast, possibly even higher. Although it might be worth taking some of that backlog into the first quarter of 2024.

All in all, Haulotte is doing well, at least in terms of sales, heading for a record year in 2023, and as far we can see another record year in 2024.