EQS-News: PALFINGER AG: Excellent performance in Q1 — PALFINGER heading for another record year

EQS-News: Palfinger AG / Key word(s): Quarter Results
PALFINGER AG: Excellent performance in Q1 — PALFINGER heading for another
record year

28.04.2023 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE              Bergheim, Austria on April 28, 2023

Excellent performance in Q1 — PALFINGER heading for another record year
 

• The best first quarter in the company’s history with EUR 591.6 million
in revenue and EUR 48.9 million EBIT
• Price increases were fully effective in Q1/2023
• Expected revenue of over EUR 2.4 billion and an EBIT target of EUR 200
million for the full year 2023

 

in EUR million Q1/2021 Q1/2022 Q1/2023 %
Revenue 405.9 485.6 591.6 +21.8 %
EBITDA 58.5 49.1 69.6 +41.8 %
EBITDA margin in % 14.4 10.1 11.8 –
EBIT 40.0 30.4 48.9 +60.9 %
EBIT margin in % 9.9 6.3 8.3 –
Consolidated net result 24.5 13.6 25.6 +88.2 %
Employees^1) 10,905 12,049 12,518 –

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

PALFINGER AG achieved record revenue of EUR 591.6 million in the first
three months of 2023 and the highest ever Q1 operating result (EBIT) of
EUR 48.9 million.
The effectiveness of the price increases and a good product mix in the
EMEA region, as well as the slight decline in raw material and component
prices, plus improvements in supply chains, contributed significantly to
the outstanding first quarter.

Growth in North America (NAM)
The high number of orders received for service cranes and high demand for
the new truck-mounted forklifts ensure continued growth in the NAM region.
In order to further increase the growth potential of this product series,
Steyr Automotive will take over assembly of the North American
truck-mounted forklifts starting September 2023. This cooperation secures
the necessary capacities for the NAM region by extending the PALFINGER
production network.

PALFINGER will also open its new NAM regional headquarters including a
demonstration and training center in Schaumburg, Illinois (near Chicago)
in the first half of 2023. PALFINGER is therefore continuing to expand its
existing footprint with its production plants and large network of service
partners over the long term.

These actions support the organic growth strategy that the company is
consistently pursuing.

Beginning recovery in China, potential in India
Meantime, the Asia Pacific region (APAC) has seen positive economic
development. The end of the strict zero-Covid policy signaled the recovery
of the Chinese market. In India, PALFINGER booked a high volume of orders
for loader cranes. There is also great potential for further growth in
India.

Outlook
PALFINGER’s order backlog extends into the 4th quarter of 2023 and
therefore offers a high level of visibility. Based on this and the results
for the first quarter, PALFINGER expects a new revenue record of over EUR
2.4 billion for the full year 2023 and is aiming for an EBIT of EUR 200
million. Geopolitical developments remain a factor of uncertainty. Revenue
is expected to reach the EUR 3.0 billion level as soon as 2027, with an
EBIT margin of 10 percent and an ROCE of 12 percent.

+++

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 currently over 12,500 employees^*, 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.
*Excluding contingent workers

For further information please contact:  
Hannes Roither | Group spokesperson | PALFINGER AG  
T +43 662 2281-81100 | [1]h.roither@palfinger.com 

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

 

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28.04.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: Palfinger AG
Lamprechtshausener Bundesstraße 8
5020 Salzburg
Austria
Phone: +43 (0)662/2281-81101
Fax: +43 (0)662/2281-81070
E-mail: ir@palfinger.com
Internet: www.palfinger.ag
ISIN: AT0000758305
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1619671

 
End of News EQS News Service

1619671  28.04.2023 CET/CEST

References

Visible links
1. h.roither@palfinger.com