23.04.2024

Slow start for Haulotte

French aerial lift manufacturer Haulotte has reported a slower first quarter for 2024, compared to the same period in 2023.

The company achieved total first quarter revenues of €157 million, down 20 percent on the same quarter in 2023.

New Equipment sales Plummeted 22 percent to €134 million.
Rental revenues also declined, slipping 10 percent to €5 million.
Parts & Service revenues, however, came in at €18 million the same as last year.

Geographically
In Europe, the company says that an economic slowdown and high interest rates caused the main rental companies to adopt a more cautious approach, with sales falling in the vast majority of markets, resulting in a 28 percent decline in the first quarter.

In Asia-Pacific, Haulotte's sales remained stable at just three percent below the same period in 2023.

In North America, sales declined nine percent, but the aerial work platform business remains well oriented, albeit declining slightly by slipping 5 percent, driven by a still significant backlog.

In South America, the start of the year was marked by a certain sluggishness, with sales down 26 percent on the previous year.

The company said: "After a particularly dynamic 1st quarter 2023 that was largely stimulated by the supply difficulties encountered during previous semesters, the first three months of 2024 mark a return to normal investment cycles and a certain wait and see attitude from rental customers.”

2024 Outlook:
“In this more wait and see than expected environment, sales activity in the second quarter will be decisive in meeting the annual target of stable sales for 2024, and current operating margin (excluding foreign exchange gains and losses) close to +5% of sales.”

Vertikal Comment
Haulotte’s numbers have been affected by two things happening at the same time, a slightly slower market - starting in Europe its largest market - but also a comparison with one of its main catch up quarters as it shipped machines that had been completed as components finally arrived following the previous period of supply chain challenges.

It will be happy to complete the year at the same revenue levels as 2023, which is entirely possible but by no means certain. The company will publish its full results for the period with its half year results in September.