EQS-News: PALFINGER AG – strong results in 1st HY 2024, further capacity adjustments necessary in EMEA

EQS-News: Palfinger AG / Key word(s): Half Year Results
PALFINGER AG – strong results in 1st HY 2024, further capacity adjustments
necessary in EMEA

26.07.2024 / 07:01 CET/CEST
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE                Bergheim, Austria. July 26, 2024

PALFINGER AG – strong results in 1st HY 2024,
further capacity adjustments necessary in EMEA
 

• Revenue: EUR 1,175.4 million; EBIT: EUR 112.2 million; very good EBIT
margin of 9.5 percent
• Good development in North and Latin America, Asia and the Marine sector
• Due to the difficult market environment in Europe, a weaker second half
year result is expected
 

in EUR million 1st HY/2022 1st HY/2023 1st HY/2024 %
Revenue 1,039.0 1,214.9 1,175.4 -3.3%
EBITDA 119.5 157.9 156.4 -0.9%
EBIT 80.2 111.3 112.2 +0.8%
EBIT margin in % 7.7 9.2 9.5 –
Consolidated net result 39.2 63.3 68.3 +7.9%
Employees^1) 12,135 12,565 12,651 –

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

In the first half of 2024, PALFINGER AG recorded revenue of
EUR 1,175.4 million, an operating result (EBIT) of EUR 112.2 million and
consolidated net income of EUR 68.3 million. PALFINGER AG thus generated a
strong result despite geopolitical uncertainty and a challenging market
environment in the European core markets.

Positive development in most regions – EMEA still at a low level
PALFINGER recorded strong demand for service cranes and truck-mounted forklifts
in the North American market (NAM). The ongoing good economic situation and
infrastructure investments are ensuring a positive market environment.
Profitability in NAM increased significantly.

Thanks to strong demand for loader cranes in the emerging Indian market, the
Asia region (APAC) showed good growth from a low level, although there is still
no recovery to be seen in China.

In Latin America (LATAM) a positive trend can be seen, mostly driven by Brazil,
its largest economy.

The Marine Division recorded a significant increase in growth and profitability
caused by additional service business and orders for offshore and marine
cranes.
 
In the EMEA region, order intake remains at a low level, particularly in the
core European markets of Germany, France and Scandinavia. Due to strong tourism
and infrastructure projects, Southern Europe continues to show a positive
trend, especially Spain, Portugal, Italy and Greece.

„PALFINGER AG began preparing early for significantly more volatile conditions
in the long term. The product mix and global positioning, which proved to be a
key resilience factor in the first half of 2024, played an important role,“
stated Andreas Klauser, CEO of PALFINGER AG. „The markets for access platforms
as well as offshore and marine cranes remained stable.“

PALFINGER continues to invest in future growth
The Löbau production site in Germany has been significantly expanded and
extended in order to fully exploit the growth potential in access platforms.
Production started successfully in May this year, positioning Löbau as a
central part of PALFINGER’s global development and innovation network.

In Madrid, an investment was made in acquiring land for a new Sales and Service
Hub. The new location creates synergies and supports the servicing of the
Spanish market.

PALFINGER’s Global Sales & Service Conference with over 300 participants from
more than 60 countries across all continents took place in June. In particular,
strategies and concepts were developed to proactively meet the current economic
challenges.

Outlook
PALFINGER expects continued positive development in the NAM, APAC, LATAM
regions and in the Marine sector. Due to the persistently low order intake in
Europe, further capacity adjustments in production are necessary. For the full
year, a slight decline in revenue compared to 2023 (revenue: EUR 2,446 million)
is expected. The EBIT forecast is up to 20% below the figure for the record
year 2023 (EBIT: EUR 210.2 million). PALFINGER has set a target of
EUR 3.0 billion in revenue for 2027 with an EBIT margin of 10 percent and ROCE
of 12 percent.

Here you can find the PALFINGER AG interim report of the first half of
2024:[1] https://www.palfinger.ag/en/investors/publications/finance-publications
The online version of the results presentation of the first half of 2024 is
available
here: [2] https://www.palfinger.ag/en/investors/publications/presentations

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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 12,650 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 | [3]h.roither@palfinger.com 

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

 

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26.07.2024 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: 1954569

 
End of News EQS News Service

1954569  26.07.2024 CET/CEST

References

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3. h.roither@palfinger.com

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