Haulotte’s Net Income Stalls Despite 25.7-Percent Revenue Hike in 2023
Haulotte posted €767 million in revenue in 2023, compared to €610 million in 2022, a 25.7-percent year-over-year increase, the company said, driven by strong growth in volumes sold, particularly in North America. As a continuation of the first half of the year, Haulotte posted a current operating income of €31 million before exchange gains and losses, or 4 percent of 2023 sales, a €36 million increase compared to 2022, driven by the positive effects of sales price increases and growth in sales volumes.
Nonetheless, Haulotte’s net income is zero, negatively impacted by a very unfavorable exchange rate environment, in particular the devaluation of the Argentine peso that occurred at the end of the year, and a significant increase in the cost of debt. Haulotte is unable to comply with its banking ratios for the period of December 2023. It submitted a waiver request, which was accepted by the banking consortium on March 12, 2024.
In a market that is expected to continue the consolidation seen in the second half of 2023, Haulotte expects stable annual revenue for 2024, and a current operating margin (excluding foreign exchange gains and losses) of close to 5 percent of sales.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.