EQS-News: PALFINGER AG: Record Revenue in the First Three Quarters of 2022
EQS-News: Palfinger AG / Key word(s): 9 Month figures
PALFINGER AG: Record Revenue in the First Three Quarters of 2022
28.10.2022 / 06:55 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Record Revenue in the First Three Quarters of 2022
• Strong demand in NAM and LATAM
• Energy costs, energy supply, supply chain and war in Ukraine remain
uncertainty factors
• Over EUR 2 billion revenue mark within reach for 2022 as a whole
in EUR million Q1-3/2020 Q1-3/2021 Q1-3/2022 %
Revenue 1,102.4 1,337.6 1,580.9 +18.2
EBITDA 140.3 188.3 170.6 -9.4
EBITDA margin in % 12.7 14.1 10.8 –
EBIT 70.6 125.4 112.5 -10.3
EBIT margin in % 6.4 9.4 7.1 –
Consolidated net result 31.8 71.4 53.2 -25.5
Employees^1) 10,841 11,510 12,175 –
1) Reporting date figures of consolidated Group companies without equity
investments and without contract workers.
Despite the volatile economic environment worldwide, impending recession,
and supply chains that are still unstable, PALFINGER AG’s revenue mark of
EUR 2 billion in 2022 is within reach. While the order backlog remains at
a high level, uncertainty is increasingly affecting demand, particularly
in EMEA. In Q1 to Q3 of 2022, the Bergheim based group recorded revenues
of EUR 1,580.9 million and an EBIT of EUR 112.5 million.
Disproportionate growth in NAM and LATAM
While geopolitical developments are weakening the market in EMEA and the
Covid pandemic continues to negatively impact the market in APAC, NAM and
LATAM stand out as growth drivers due to their positive market
environment. The Latin American market is undergoing a significant upswing
as a result of strong demand, particularly in mining. In turn, the North
American market benefits from its lower energy costs, more stable supply
chains and high demand on the domestic market. The repositioning of the
truck mounted forklifts (TMF) has met with great popularity in the USA. In
Vietnam, PALFINGER successfully entered the offshore wind market.
The new digital, eco-efficient and smart solutions from PALFINGER have met
with great customer interest at the IAA and bauma trade fairs, which
opened their doors again for the first time since Covid. And with the
expansion of the Löbau production site into a hub for access platforms,
PALFINGER underlines its strategy of pushing this product group that has a
strong future.
Flexibility provides stability
“The volatile and challenging environment demands maximum flexibility in
production from us,” emphasizes PALFINGER CEO Andreas Klauser. However,
the high order backlog and good level of output are offset by supply
difficulties, particularly for electronic components. Together with the
difficult delivery situation for trucks, this results in high inventory
stocks in production and finished products. In addition, minimum
inventories have also been increased in a targeted manner due to unstable
supply chains. Price increases and exchange rate effects have a
significant impact on PALFINGER’s revenue growth. “In order to be able to
present all cost factors transparently and promptly for us and our
customers and to stabilize our own profitability, we are switching to
dynamic pricing which will take effect from 2023,” says Andreas Klauser.
Energy Task Force
In view of the energy crisis, PALFINGER set up its own task force at an
early stage, even though energy consumption is low compared to other
industries. The task force develops measures for the reduction of energy
consumption and the partial substitution of natural gas.
Outlook
PALFINGER’s order backlog remains very high and in the coming months
further price increases will take effect that will have a positive impact
on PALFINGER’s profitability. The extremely high volatility, geopolitical
and macroeconomic developments combined with the energy crisis, unstable
supply chains, the war in Ukraine and Covid outbreaks continue to be
uncertainty factors.
PALFINGER’s order volume extends into Q3 of 2023 and is therefore expected
to contribute to achieving the revenue target of over EUR 2 billion in
2022. The board is aiming for EBIT of approximately last year’s level.
This underlines PALFINGER’s strong performance in an extremely challenging
environment.
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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 12,600 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 2021 achieved record revenue of EUR 1.84 billion. In 2022, PALFINGER
celebrates its 90th anniversary under the tagline “Celebrating the future
since 1932”.
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 [2] www.palfinger.ag, [3] www.palfinger.com.
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28.10.2022 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: 1474009
End of News EQS News Service
1474009 28.10.2022 CET/CEST
References
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