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
| 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 for the period | 24.5 | 13.6 | 25.6 | +88.2 % |
| Employees1) | 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.
Download Key Figures of the PALFINGER Group
The online version of the results presentation for Q1/2022 is available here: https://www.palfinger.ag/en/investors/publications/presentations
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 12,700 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 accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.
