The economic recovery that began in the second half of 2020 has continued to accelerate during the first quarter of this year. The majority of the markets and product lines showed strong signs of life. This positive development was clearly reflected in our key figures - despite the one-off effects of the cyberattack.
At EUR 405.9 million, consolidated revenue in Q1 was 3.2 percent higher than in the same period of the previous year (EUR 393.2 million). At the same time, operating earnings (EBIT) increased from EUR 31.4 million in Q1 2020 to EUR 40.0 million in Q1 2021. Despite the one-off effects of the cyberattack, the EBIT margin was 9.9 percent (Q1/2020: 8.0 percent) and the consolidated net result of EUR 24.5 million was significantly higher than in the same period for the previous year (EUR 15.5 million). The PALFINGER share is also fully on course. It has already risen more than 40 percent since the beginning of the year.
Although the cyberattack caused a two-week production downtime, at the same time it proved the importance of rapid and targeted action. The damage was limited, production was restarted after a short time, and the backlog was made up thanks to the commitment of the employees.
Together with the good order situation, this will lead to full utilization at our production sites - at least until the second half of the year. The good order levels are being driven by an increase in demand from the construction and forestry industries. China, with growth forecast at 8.4 percent, and the USA, with an increase of 6.4 percent, stand out as locomotives of the upswing, while growth of 4.4 percent is expected in Europe. However, the upturn is accompanied by rising raw material prices which translate into higher costs along our supply chain. That and the still uncertain development of the COVID-19 pandemic are the biggest risk factors in 2021.
This makes the actions PALFINGER is implementing for its future positioning all the more important. As part of a major investment package of over EUR 100 million, work has begun on the expansion of the Köstendorf Technology Center. And with the acquisition of the dealerships Hinz in Sweden and Equipdraulic in Spain, we have been able to further intensify our distribution network and strengthen proximity to our customers in important markets.
Thanks to the strong order situation and the generally positive economic development of our core markets and industries, we are aiming for revenues in excess of EUR 1.75 billion and an EBIT of more than EUR 149 million for the fiscal year 2021. With this, we want to surpass the record result of 2019. Together we are shaping the future.