No profit for Haulotte despite sales spike

News Story
- 21 Mar 2024 ( #1171 ) - Lorette, France
1 min read
Haulotte financial results
Haulotte financial results

Haulotte has reported record sales of EUR767 million (USD833 million), compared to EUR610 million (USD662 million) in 2022, an increase of 28%. The company attributes the historic revenue result to strong growth in volumes sold, particularly in North America, and the positive impact of increases in sales prices.

Noting that the global aerial work platform market reached its peak in 2023, Haulotte continues to see growth, with operating income for the first part of 2024 up 4% from the same period last year, driven again by the positive effects of sales price increases and growth in sales volumes.

Earlier, Haulotte noted sales growth of 75% in North America, 26% in Latin America, 14% in Europe, and 18% in the Asia Pacific region for the full financial period.

By business segment, equipment sales rose 31%, rental business was up by 14%, and services increased 13%.

Despite the stronger revenue, Haulotte failed to show a profit, with net income listed at 0. The company says its result was negatively impacted by a very unfavourable exchange rate environment (-EUR17 million, or USD18.5 million, impact in 2023), in particular the devaluation of the Argentinian Peso that occurred at the end of the year, and a significant increase in the cost of debt. On that front, current debt stands at around EUR240 million (USD260 million), with Haulotte obtaining a waiver from its bankers.

Looking forward, Haulotte tells shareholders that in a market that is expected to continue the consolidation seen in the second half of 2023, the group expects stable annual revenue for 2024, and a current operating margin (excluding foreign exchange gains and losses) close to +5% of sales.

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