Haulotte Operating Income Drops Despite 23-Percent Sales Jump
Aerial equipment manufacturer Haulotte posted €609.7 million in 2022 sales compared to €495.8 million in 2021, a 23-percent increase (18 percent at constant exchange results). In 2022, the global mobile elevating work platform market reached its highest level. Despite the sales increase, current operating income was €(4.9) million or -0.8 percent of 2022 revenue, down by €-21.5 million compared to 2021. The significant increase in the price of components, transport and energy costs of nearly €47.8 million, as well as the €14.7 million increase in fixed costs linked to the structuring of China and the United States. These increases were only partially offset by volume growth limited by component shortages and the measured impact of price increase because of the history and the depth of the order book.
Net income in 2022 declined €7.5 million, with the second half marked by an unfavorable foreign exchange environment (mainly the U.S. dollar) with Haulotte recording foreign exchange losses of €$2.9 million for the year compared with gains of €6.7 million in 2021.
Haulotte’s net debt increased by €105.1 million to €246 million, largely because of the decision taken by Haulotte to increase inventory levels in order to support increased production rates and be able to respond to the strong growth in the order book.
Driven by a historic order book, and a reduction in supply tensions and an increase in selling prices, Haulotte expects its sales to grow by more than 20 percent in 2023, and to return to a level of current operating margin (excluding exchange gains and losses) between 3 percent and 4 percent.
