Simply just strong, that sums up our performance in just three words. What PALFINGER has achieved in the first three quarters of 2021 really is something to be proud of. And that despite several challenges such as the stress on supply chains worldwide and rising raw material costs. We are already heading for the next record year following the last one in 2019.
At EUR 1,337.6 million, consolidated revenue in Q1-Q3/2021 was 21.3 percent higher than in the same period of the previous year (Q1-Q3/2020: EUR 1,102.4 million). The operating result (EBIT) increased from EUR 70.6 million in Q1-Q3 of 2020 to EUR 125.4 million. The EBIT margin was 9.4 percent (Q1-Q3/2020: 6.4 percent) and the consolidated net result of EUR 71.4 million was significantly higher than the EUR 31.8 million in the same period for the previous year.
Acting with Foresight
The worldwide economic upswing is accompanied by the disruptions to global supply chains mentioned previously, shortage of resources and, as a consequence, a rise in material costs. In order to minimize the impact of these uncertainty factors as far as possible, we have set up a dedicated Supply Chain Task Force. They manage capacities and prioritize product lines to best serve our customers. Any disruptions to production are therefore reduced to an absolute minimum.
Strong in all markets
The economic upswing also translates into a positive market environment. PALFINGER benefits from this in almost all markets, regions and product areas. In Thailand, we won a follow-up order for 148 loader cranes for the Provincial Electricity Authority. Following the acquisition of highly innovative proprietary technology for Offshore Passenger Transfer Systems, which are in high demand, we are expanding our competence and position as a full-service provider in the offshore sector.
Utilizing the Momentum
The objective now is to create the conditions for future growth. A key step is our record investment in education and training, research & development, creating additional capacity as well as in digitalization. By expanding these central competencies, we are creating a strong basis from which we can actively drive the digital change.
A Strong Outlook
Our order books provide us with good visibility as far as Q2 2022 and show a strong outlook for the coming year. Until then, we are targeting a new record year in 2021 - with an annual revenue of more than EUR 1.75 billion and an EBIT of more than EUR 150 million. As a result, the medium-term financial targets for 2024 have been increased. By 2024, EUR 2.3 billion in revenue should be achieved through organic growth, with an EBIT margin of 10 percent and 12 percent ROCE.Together we are shaping the future.
Click here to view the presentation on Q1 - Q3 2021