Haulotte up 3% in 2016
February 14, 2017 | Comments (0)
Total revenues for the full year were 457.8 million, three percent higher than in 2015, made up of 382.9 million of new machine sales, up two percent on the prior year, rental revenues of 25.9 million also two percent higher and parts and service revenues of 49 million a full nine percent year on year.
In the fourth quarter however revenues plunged 15 percent 114.4 million mainly due to comparison with an exceptional quarter in 2015, when sales spiked up 45 percent.
to 134.5 million the previous year, down 15%; but fourth quarter sales were +10% compared to quarter three. Geographically Europe, which accounts for more than half of group sales, improved 20 percent, while North American revenues dropped 20 percent. Asia Pacific and the Middle East, slipped two percent. South America continued its decline dropping another eight percent.
As a result of the weaker fourth quarter, and increased competition, the company says that it will not manage to increase profits over last year. It does however expect to see five percent growth in 2017, mainly due to improved activity in Europe.
The fourth quarter is a bit disappointing as Haulotte usually manages an amazing final quarter, following lacklustre third quarters. This time it appears to have suffered from a set-back in North America where the company has been making solid progress for some time and did particularly well in the last three months of 2015. This is likely to be temporary slow down, with considerable upside potential in the USA, should rental companies step up their capital expenditure as seems likely.
The company will of course also have a keen eye on JCB. However the latest machines from Haulotte are streets ahead of some of its older kit, with real innovation that not all buyers have yet appreciated. If it can change this then it could way exceed its five percent forecast for this year.