Haulotte sales hit by slow European market

Haulotte has reported a drop in revenue in the first quarter of 2024, set against a particularly successful first three months in 2023, said the company.

Largely affected by supply difficulties encountered during previous financial quarters, Haulotte said, the first three months of 2024 marked a return to normal investment cycles, and was hit by a ‘wait-and-see attitude’ from rental customers in line with a slowdown in the wider construction industry.

Haulotte posted overall sales of €157 million in the first quarter of 2024, compared to €196 million in the same period last year, down 20% between the two periods. The equipment sales division was down 22% at €134 million, while the rental division was down 10% at €5 million and the service segment broke even at €18 million.

“In Europe, where the economic slowdown and high interest rates caused the main rental companies to adopt a cautious approach, first-quarter sales were down in the vast majority of markets,” said Haulotte, resulting in -28% in the first quarter.

In Asia-Pacific, Haulotte’s sales remained more stable with 3% decline in the quarter, compared to the same period in 2023.

North American sales were down -9% compared to the first quarter in 2023, but the aerial platform business was steadier, declining by 5%, driven by the significant backlog.

In Latin America, the start of the year was marked by a sluggishness market, said the company, with sales down 26% on the previous year.

Looking ahead, the company said the results of the second quarter would play an important role in any future forecasts.

“In this more wait-and-see than expected environment, sales activity in the second quarter will be decisive in meeting the annual target of stable sales for 2024, and current operating margin close to 5% of sales,” said Haulotte.