13.10.2015

Q3 dip for Haulotte

Haulotte has reported an eight percent drop in third quarter revenues but says that activity has now picked up again.

Year to date revenues were €310.8 million, three percent below last year, although if the benefits currency conversion rates are taken out of the equation the fall is closer to 10 percent. Sales of new equipment fell five percent to €258 million, while rental improved nine percent to €18.9 million and parts and service jumped 13 percent to €33.4 million.

Geographically the North American operation posted its best quarter ever and is up 24 percent to date, while Asia pacific is 13 percent higher. In Europe the company has fared less well with sales plummeting 21 percent, while in South America was predictably the worst with a drop of 29 percent.

Total third quarter revenues were €104 million, eight percent lower than the same quarter in 2014. However the company said that order intake and activity over the summer should keep it on plan to complete the full year around five percent up on 2014.

Vertikal Comment

The overall result here is not particularly surprising and is roughly in line with what other major manufacturers are reporting. However what is a surprise is such a steep fall in European sales. No details of where the shortfalls were incurred are given, but it seems clear that Haulotte is losing out in some regions to increased competition from new or smaller players in the boom market such as Skyjack, Manitou and Niftylift. And to a lesser degree it faces increased competition in the scissor lift market from new, less established arrivals such as Dingli.

The company's latest new product introductions are all aimed at winning business based on specification and performance, rather than on its traditional proposition of price or availability of finance. It now needs these product to start winning business from the two market leaders.

Interesting times