17.10.2018

Upward trend continues at Haulotte

Haulotte has issued its revenue numbers for the third quarter with total sales for the quarter 25 percent higher at €128.5 million. Of this new equipment sales were €112.5 million and services €12.1 million.

Revenues for the nine months to the end of September were 17 percent higher at €413.9 million. Parts and service revenue was around two percent higher at €36.8 million, while rental revenues are reported as €12.3 million - although any comparison with last year or the first half of this year is fudged by pro-forma eliminations the company has made following the disposal of its Italian rental business to Loxam in June.

The strong sales growth was once again led by Europe where revenues increased 21 percent, driven by strong demand from major rental companies in most markets. Sales in Asia-Pacific were 13 percent higher, largely thanks to China.
Moving on to the Americas, South America – apart from Argentina - continued its modest rebound, with sales up 11 percent, while North American revenues increased by nine percent, thanks entirely to a 20 percent hike in aerial work platform sales, partially offset by slower scaffold and ancillary products.

The company is estimating that it will exceed its original forecast of 10 percent overall increase for the year.

Vertikal Comment

Comparing Haulotte’s third quarter results is a tad tricky, given that it has clearly adjusted for the disposal of its Italian rental business, but not said to what degree – all will become clear when it releases its full results – this is after all merely a revenue statement and update.

The company is doing well, with its new models really gaining traction as more and more buyers appreciate just how good they are now. Given that the fourth quarter has almost always been the company’s strongest it looks as though its statement that it will exceed its 10 percent forecast is a little on the cautious side. We would not be surprised if the company comes in with full year revenues in the region of €575 million, which would represent a 13 percent improvement on 2017.

All in all a very positive result