PALFINGER AG: Record High in First Three Quarters 2023

PRESS RELEASE                      Bergheim, Austria on October 30, 2023

PALFINGER AG: Record High in First Three Quarters 2023
 

• The best Q1-Q3 result in the company's history with revenue of EUR 1,798.9 million, an EBIT of EUR 165.0 million and a consolidated net result of EUR 90.9 million
• Strong growth in North America
• Management expects revenue of EUR 2.4 billion and EBIT above EUR 200 million for the full year 2023.

 

in EUR million	Q1-3/2021	Q1-3/2022	Q1-3/2023	%
Revenue	1,337.6	1,580.9	1,798.9	+13.8
EBITDA	188.3	170.6	233.4	+36.8
EBIT	125.4	112.5	165.0	+46.7
EBIT margin in %	9.4	7.1	9.2	–
Consolidated net result	71.4	53.2	90.9	+70.9
Employees1)	11,510	12,175	12,707	–

1) Reporting date figures of consolidated Group companies without equity investments and without contract workers.

At a global level, 2023 is characterized by the effects of geopolitical developments, high interest rates and continued high inflation. Despite these difficult conditions, in the first three quarters of 2023 PALFINGER AG once again achieved record figures with EUR 1,798.9 million in revenue, EUR 165.0 million EBIT and a consolidated net result of EUR 90.9 million as a result of a very good product mix and the implemented price increases taking full effect. The reduction in costs for freight and materials began to take effect during Q3. However, a highly challenging economic environment is forecast for 2024, for which PALFINGER is already preparing today.

Growth market North America and Asia Pacific
The high demand for service cranes and truck-mounted forklifts led to growth in revenue of more than 30 percent in North America. As a result, the region remained an important growth driver despite the limited availability of truck chassis and resulting lower output. The recovery of the economy in Asia Pacific outside China also had a positive impact on order intake in the loader crane sector, particularly in the future market of India, where PALFINGER sees great potential for further growth. The marine sector experienced a good order intake as well.

Steep economic downturn in EMEA
In Europe, inflation and high interest rates have had a negative impact on the economic environment, and the construction industry in particular is suffering from the negative effects with reduced order intake. The delivery reliability of our suppliers improved significantly compared to the previous year, but the continued low level of delivery reliability for trucks in EMEA led to bottlenecks in the installation network so that the inventory levels of prefabricated equipment remained high.

Outlook
Based on the current order book coverage, which lasts until the end of Q1 2024, PALFINGER expects revenue of EUR 2.4 billion and an EBIT of over EUR 200 million in 2023. Geopolitical developments and the challenging macroeconomic conditions remain factors of uncertainty for 2024.
A noticeable market recovery in the EMEA region is currently not foreseeable, the market environment in NAM and in the marine sector remains positive.






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ABOUT PALFINGER AG
PALFINGER is an international technology and mechanical engineering company and the world's leading producer and provider of innovative crane and lifting solutions. With around 12,700 employees (without contingent workers), 30 manufacturing sites and a worldwide sales and service network of around 5,000 service points, PALFINGER creates added value from the challenges of its customers. PALFINGER is consistently continuing on its course as a provider of innovative, complete solutions that deliver increased efficiency and better operability, while leveraging the potential of digitalization along the entire production and value chain.

PALFINGER AG has been listed on the Vienna stock exchange since 1999, and in 2022 achieved record revenue of EUR 2.23 billion.

For further information please contact:  
Hannes Roither | Group spokesperson | PALFINGER AG  
T +43 662 2281-81100 | h.roither@palfinger.com

Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.