23.10.2008

Haulotte drops 10%

Haulotte, the French based aerial lift and telehandler manufacturer has reported nine month revenues of €376.8 million 10 percent down on the same period in 2007.

The results include a €12.3 million contribution from Bil-Jax, the like-for-like decline is 13 percent. The third quarter like-for-like decline was higher at over 16 percent.

Not all of the news was negative, the company’s sales outside of Europe reached an all time high of 19 percent, up from just 11 percent last year, as sales continued to grow. Even allowing for the lower total and the contribution of Bil- jax, this still represents a 17 percent growth in non-European revenues.

Meanwhile parts and service revenues increased by a healthy 35 percent but was not sufficient to offset the 13 percent fall in equipment sales.

The company said: “Due to a lack of visibility caused by the current uncertain economic environment, the company is unable to issue an updated guidance for 2008 as a whole”

Note: Comparisons with last year are adjusted to exclude revenues from the French rental buisness which was sold at the start of the this year.

Vertikal Comment

Haulotte has done well to achieve the sales levels that it has, given its dependence on the European market where rental companies were unnerved by the gloomy economic news more than in those in North America. Given its market share it was also the largest looser in the steep decline int he Spanish market.

Given that one of its sales arguments with several of its models is an attractive price, It would also have suffered from discounted sales of equipment from cancelled orders, by some of its US competitors -made financially feasible by a high Euro.

The fourth quarter is likely to have started off poorly although this may show signs of easing a little towards year end as a stronger dollar and competitors price increases provide some breathing space.

The company is preparing for a 20 to 29 percent fall in sales for 2009, as rental companies age their fleets during the slowdown in construction and while economic uncertainty continues.

Haulotte's chief executuve, Alexandre Saubot, told Vertikal.Net that the company remains strong and is ready and willing to make strategic acquisitions over the next 12 months, along the lines of its recent Bil-Jax purchase.