PRESS RELEASE Bergheim,
Austria,
April 26, 2024Outstanding results for PALFINGER AG in the first quarter
- EUR 578.5 million revenue, record EBIT of EUR 54.7 million and consolidated net result of EUR 32.5 million
- Good development in North America, Asia and the Marine Sector
- Continued low order intake in European core markets
in EUR million |
Q1/2022 |
Q1/2023 |
Q1/2024 |
% |
Revenue |
485.6 |
591.6 |
578.5 |
-2.2% |
EBITDA |
49.1 |
69.6 |
76.6 |
+10.1% |
EBITDA margin in % |
10.1 |
11.8 |
13.3 |
– |
EBIT |
30.4 |
48.9 |
54.7 |
+11.9% |
EBIT margin in % |
6.3 |
8.3 |
9.5 |
– |
Consolidated net result |
13.6 |
25.6 |
32.5 |
+27.0% |
Employees1) |
12,049 |
12,518 |
12,776 |
– |
1) Reporting date figures of consolidated Group companies are indicated without equity investments and without contract workers.In the first quarter of 2024,
PALFINGER AG recorded revenues of
EUR 578.5 million, an operating result (EBIT) of
EUR 54.7 million and consolidated net result of
EUR 32.5 million. The company thus achieved its strongest EBIT and consolidated net result in a first quarter. This despite a very challenging economic environment, geopolitical uncertainties and the resulting weakening of core markets in
Europe.
Lower order intake in Europe, but positive developments in North America (NAM) and Asia (APAC)
PALFINGER's largest growth region, NAM, recorded further earnings growth and increased production output for service cranes and access platforms in the first quarter of 2024. APAC saw strong demand for loader cranes in
India. There are still no signs of a positive trend in
China.
In the EMEA region, macroeconomic and geopolitical upheavals continued to result in low order intake, particularly in the core European markets of
Germany,
France and Scandinavia.
Southern Europe, particularly
Spain and
Portugal, continues to develop very positively driven by strong tourism and infrastructure projects.
“At
PALFINGER, we manage challenges proactively, flexible and fast. Thanks to our broad product portfolio and our focus on growth regions such as
North America, but also Marine Sector, we secure resilience even in difficult times,” says
Andreas Klauser, CEO of
PALFINGER AG.
Strong development in the Marine Sector
Orders from offshore wind farm projects in
Japan and
Taiwan, among others, as well as growth in the servicing of cruise ships and offshore and marine cranes led to revenue growth of around 30 percent and a significant increase in profitability in the Marine sector. Incoming orders are also still at a very high level.
Promissory note loan successfully placed, underlining focus on sustainability
In the first quarter of 2024,
PALFINGER placed a significantly oversubscribed ESG-linked promissory note loan to the value of
EUR 160 million at attractive conditions. These are linked to two sustainability KPIs: product-related CO
2 emissions and the accident rate. The promissory note loan will be used to refinance maturing loans and complete planned investments.
Outlook
In the current difficult and geopolitically uncertain environment,
PALFINGER expects profitable growth in NAM, APAC and the Marine Sector. Due to the continued low level of orders in the EMEA region, production was reduced. For the full year a slight decline in revenue compared to 2023 (revenue of
EUR 2,446 million) and an EBIT of around 20 percent below that of the record year 2023 (EBIT of
EUR 210.2 million) are expected. The financial targets for 2027 of
EUR 3.0 billion in revenue, 10% EBIT margin and 12% ROCE remain unchanged.
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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 12,800 employees (without contract 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 2023 achieved record revenue of
EUR 2.45 billion.
For further information please contact:
Hannes Roither | Group spokesperson |
PALFINGER AG
T +43 662 2281-81100 |
h.roither@palfinger.com
Texts and their accompanying images are available in the “News” section of
www.palfinger.ag and
www.palfinger.com.