2023-07-28 05:01:20
EQS-News: Palfinger AG / Key word(s): Half Year Results
PALFINGER AG: Excellent Performance Despite Economic Slow Down
28.07.2023 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE Bergheim, Austria on July 28, 2023
PALFINGER AG: Excellent Performance Despite Economic Slow Down
• Best first half year in the company’s history with EUR 1,214.9 million
in revenue, EBIT of EUR 111.3 million, and a consolidated net result
of EUR 63.3 million
• Economic development slow due to high interest rates and inflation
• Record revenues of EUR 2.4 billion and record EBIT of EUR 200 million
targeted for the full fiscal year 2023
in EUR million H1/2021 H1/2022 H1/2023 %
Revenue 884.1 1,039.0 1,214.9 +16.9%
EBITDA 133.5 119.5 157.9 +32.1%
EBIT 92.1 80.2 111.3 +38.7%
EBIT margin in % 10.4 7.7 9.2 –
Consolidated net result 56.1 39.2 63.3 +61.5%
Employees^1) 11,653 12,135 12,565 –
1) Reporting date figures of consolidated Group companies without equity
investments and without contract workers.
Despite persistently high interest rates, continued high inflation and
uncertain geopolitical developments in the EMEA region, PALFINGER AG
enters the second half of 2023 with a record revenue and result. The best
first half of the year in the company’s history was achieved with a
revenue of EUR 1,214.9 million, an EBIT of EUR 111.3 million and a
consolidated net result of EUR 63.3 million. The full effectiveness of the
implemented price increases, a good product mix, and the decline in raw
material and freight prices contributed significantly to the outstanding
first half year, as did improvements in the supply chains.
North America as PALFINGER’s biggest growth market
The ongoing high number of orders received for service cranes and the
enormous demand for the truck-mounted forklifts (TMF) continue to ensure
growth in the North American (NAM) region. Capacities are being expanded
to fully utilize the growth potential of the TMF product line. Starting in
September 2023, Steyr Automotive will take over assembly of truck-mounted
forklifts for the North American market. By 2027,1,700 truck-mounted
forklifts are to be manufactured there annually. This cooperation not only
secures the necessary capacities for the NAM region, but also further
extends the PALFINGER production network. In order to further expand its
existing presence in NAM, PALFINGER opened its new regional headquarters
in Schaumburg, Illinois (near Chicago) in the first half of 2023.
Unique employee training
With the opening of the state-of-the-art training and education center for
apprentices and employees (PALFINGER Campus), PALFINGER is investing in
the development of skilled specialists. Starting in September, PALFINGER
Campus will provide training for more than 140 apprentices in 18 different
technical and commercial professions. The newly opened PALFINGER World
offers an extensive brand and product experience on over 1,600 m².
Positive development thanks to strong order book
As a result of general market developments in the EMEA region, there was a
significant decline in incoming orders – particularly from the
construction industry. However, output was stable thanks to the high order
backlog. The costs of raw materials and freight went down in the first
half of the year. In addition, the supply chain continued to normalize in
the first half of 2023. However, difficult truck availability and limited
installation capacities for dealers led to high levels of inventory of
finished products.
Outlook
Geopolitical and macroeconomic developments remain a major uncertainty
factor. In addition, orders received in the EMEA region are expected to be
significantly lower than in the previous year, because the construction
industry is declining due to pressure from rising interest rates. However,
PALFINGER has a good order backlog until the end of 2023.
PALFINGER remains committed to its ambitious financial targets. For fiscal
year 2023, the aim is to reach revenues of EUR 2.4 billion and an EBIT of
EUR 200 million. PALFINGER is targeting a revenue of EUR 3 billion, a ROCE
of 12% and an EBIT margin of 10 percent for 2027.
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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 over 12,500 employees (without contingent
workers), more than 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 | [1]h.rother@palfinger.com
Texts and accompanying images are available in the “News” section of
www.palfinger.ag, www.palfinger.com.
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28.07.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
═══════════════════════ ══════════ ════════════════════════ Language: English : +43 (0)662/2281-81070 email: ir@palfinger.com
Internet: www.palfinger.ag
ISIN: AT0000758305
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1689853
1689853 28.07.2023 CET/CEST
References
Visible links
1. h.roither@palfinger.com
1690520586
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