Revenue

Consolidated revenue came to €2,859.1 million in the first three months of 2024, an increase of 2.8 percent on the figure for the prior-year period (Q1 2023: €2,781.0 million). Revenue generated from external customers in the Industrial Trucks & Services segment advanced by 7.4 percent to €2,150.0 million (Q1 2023: €2,002.8 million), mainly as a result of higher production output. The positive effects of the rise in sale prices, particularly in the EMEA region, also made a significant contribution to revenue growth. Furthermore, the service business saw an increase in revenue across all main categories.

At €708.3 million, revenue generated from external customers in the Supply Chain Solutions segment was down by 8.9 percent compared with the figure for the prior-year period (Q1 2023: €777.8 million). This decline was due to muted customer demand in the project business (business solutions). In addition, the current order book contains a higher proportion of long-term projects, the revenue from which will be recognized over an extended period. The consistent and higher-margin service business (customer services) registered a sharp rise in revenue for the first quarter.

Overall, the proportion of consolidated revenue attributable to the service business stood at 45.1 percent (Q1 2023: 44.4 percent).

Revenue by sales region

In the Industrial Trucks & Services segment, the biggest contribution by far to revenue growth in the first quarter came from the main sales region, EMEA. There was a small rise in revenue in the APAC region, whereas revenue in the Americas region was significantly below the high level of the prior-year period.

In the Supply Chain Solutions segment, revenue generated from external customers in the core North America market (Americas) and in the EMEA region was down overall because of the low order intake in the project business during the preceding quarters. In the APAC region, project delays resulted in a sharp fall in revenue compared with the first quarter of 2023.