Palfinger AG Reports Strong Results for 1st HY 2024, Plans Capacity Adjustments in EMEA

Palfinger AG reported strong financial results for the first half of 2024, with revenue reaching EUR 1,175.4 million and an operating profit (EBIT) of EUR 112.2 million, equating to a solid 9.5% EBIT margin. The company noted significant progress in North and Latin America, Asia, and the Marine sector. However, due to a challenging market environment in Europe, a weaker second half is anticipated.

Performance varied by region. North America showed strong demand for service cranes and truck-mounted forklifts, while Asia, driven by India, exhibited good growth. In Latin America, Brazil bolstered positive trends. The Marine Division benefited from increased service business and new orders.

In contrast, EMEA faced low order intake, particularly in Germany, France, and Scandinavia. Southern Europe, aided by tourism and infrastructure projects, displayed a positive trend.

Palfinger is investing in future growth, expanding the Löbau production site in Germany and establishing a new Sales and Service Hub in Madrid. The company aims for EUR 3.0 billion in revenue by 2027, with an EBIT margin of 10% and ROCE of 12%.

Despite a low order intake in Europe, Palfinger remains optimistic, expecting positive developments in NAM, APAC, LATAM, and the Marine sector, though revenue and EBIT may decline slightly compared to 2023.