Haulotte Group (PIG) H1 2024 earnings summary

Executive summary

• Net sales declined by 10% year-over-year to €363 million in H1 2024, but this remains one of the group's best semesters.

• Net profit reached €16.3 million for H1 2024, a significant turnaround from a €0.3 million loss in H1 2023.

• Total comprehensive income improved to €20.2 million from a loss of €14.1 million year-over-year.

• North America grew 8% and now represents 32% of activity, offsetting declines in Europe and Asia-Pacific.

• Current operating income (excluding FX) rose to €30 million (+8.2% of sales), up €17 million year-over-year.

Financial highlights

• Revenue for H1 2024 was €364.5 million, down from €400.9 million in H1 2023.

• Equipment sales fell 12% to €316 million; rental sales dropped 3% to €11 million; services grew 3% to €36 million.

• Operating income rose to €30.9 million (8.5% margin) from €15.6 million (3.9% margin) year-over-year.

• Cash and cash equivalents increased to €50.0 million from €41.4 million at year-end 2023.

• Net change in cash and cash equivalents for H1 2024 was €22.5 million.

Outlook and guidance

• Full-year 2024 sales expected to decline by 10%.

• Current operating margin for 2024 forecasted above 5% of sales (excluding FX gains/losses).

• Focus for H2: margin restoration, working capital optimization, and US market growth.