12.02.2025

Tough quarter for Haulotte

French aerial lift manufacturer Haulotte has posted its revenue numbers for 2024. Its full results are not due until mid March.

Full year

The company saw total revenues plunge 17 percent in comparison with the record year in 2023, with the fourth quarter particularly hard.

The numbers were:
New equipment sales €536 million -20%
Rental €21 million -11%
Parts & services €77 million +9%
Total €634 million -17%

Geographic breakdown
Europe, the market was particularly hard hit by ‘wait and see’ given the arrival of tariffs on Chinese imports, with sales dropping 23 percent over the year.
Asia-Pacific sales came in 21 percent below 2023 levels with revenues losing all of last year’s gains.
North America, saw a sharp slowdown in business for Haulotte across all sectors, with total revenues falling 11 percent, although.
South & Central America was the sole region where sales came in at roughly the same level as last year, following solid growth in 2023.

Fourth Quarter
Haulotte saw revenues in the fourth quarter plunge 37 percent to €126 million, with sales down in every region with a greater than expected wait and see attitude from rental customers towards the end of the year.

Margin
Haulotte will not post its full results until March but says that thanks to the shift in revenue make up, it anticipates an operating margin in the region of six percent of sales.

2024
As to its outlook for 2025 the company said: “In the current market environment with limited visibility, the group is unable to commit to a specific sales target for 2025 but will do so as soon as conditions permit. This time last year the company had forecast a stable year for 2024 at least in terms of sales revenues.


Vertikal Comment

There is no other way to say it, this is a disappointing set of numbers from Haulotte. Especially given the momentum created in 2023.

The campaign to introduce tariffs, on Chinese built products, has probably not helped, a factor it refers to in its revenue report – but what it overlooks in that comment, is that as one of the ringleaders of the tariff campaign it is likely to have stirred up negative feelings among some of its customers, given that they are likely to face significant price rises now.

If this is so it is likely to be a temporary glitch, if we look more to the medium to long term the company has well placed production facilities, and several really good products along with a good few innovative accessories and decent technology.

2025 might yet surprise – watch this space.