22.10.2009

Haulotte bumps along the bottom

Haulotte has reported third quarter sales of €48.7 million, similar to its previous two quarters, but 59 percent down on last year. The third quarter includes a full contribution from Access Rentals which was acquired in June. .

Year to date revenues were €148.5 million compared with €376.8 million last year, a fall of 61 percent. Equipment sales represented 70.6 percent of total revenue, compared to 86.7 percent at the same time in 2008. This year includes a full contribution from Bil Jax where the nine month point last year only included two months contribution.

Services and rental activity held up better with declines of 18 percent and eight percent respectively.

Geographically European revenues were down 68.5 percent to €103.8 million; North America was up 39 percent to €25.4 million - including €16.9 million from BilJax, while Asia and Latin America fell 15 percent and 51 percent respectively.
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Vertikal Comment

Haulotte is the first to announce its results, the company only issues revenue numbers at the third quarter stage, It suggests that the market has stopped falling, and its 68 percent fall in nine months equipment sales are likely to be similar to the other major full line manufacturers, although Haulotte’s ‘like-for-like’ equipment sales are down by more than 70 percent.

Haulotte expects little to change in the fourth quarter and while 2010 is unlikely to show a rapid pick-up, it will at least bring an end to the dreadful comparison percentages that we have all had to live with this year.

Haulotte has said that while the situation is dire it can weather the current market levels for far longer than the downturn is likely to last and is still in a position to take advantage of opportunities that may arise as the market begins to return.