21.04.2010

Haulotte dips 4%

Haulotte has issued its first quarter results statement with overall revenues of €47.8 million, down four percent on the same period in 2009. Equipment sales were €32 million a fall of 7.6 percent and now represent 67 percent of total revenues.

Service revenues fell by 13.4 percent thanks to the hard winter in most of the company’s markets. However rental revenues increased by 26 percent, largely due to the acquisition of Access Rentals in the UK during the second quarter of 2009.

Geographically sales in Europe fell back eight percent while North American sales edged upwards slightly and the rest of the world remained flat.
Haulotte says that as of the end of the quarter it does not see an end to the current downturn, and will make a statement on this subject once it has its half year results in.

Vertikal Comment

These numbers do not tell us a great deal apart from the fact that the market is stabilising. The key question will be how Haulotte has fared compared to its main competitors. Anecdotal evidence suggests that the others may have done slightly better which could be related to the challenges of Haulotte’s Euro cost base and its geographic strengths and weaknesses.

All eyes will focus on JLG and Terex numbers later this month