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.