Palfinger AG has announced record-breaking revenue of EUR 591.6 million in the first three months of 2023, along with its highest ever Q1 operating result (EBIT) of EUR 48.9 million. The company attributed this success to the effectiveness of its price increases, a favorable product mix in the EMEA region, a slight decrease in raw material and component prices, and improvements in supply chains.
The North American (NAM) region has experienced significant growth, thanks to the high demand for service cranes and new truck-mounted forklifts. To further increase the growth potential of this product line, Steyr Automotive will take over assembly of the North American truck-mounted forklifts starting September 2023. This collaboration will extend the Palfinger production network and secure necessary capacities for the NAM region. Palfinger plans to open its new NAM regional headquarters, including a demonstration and training center in Schaumburg, Illinois (near Chicago), in the first half of 2023, further expanding its existing footprint with production plants and service partners over the long term.
The company has also seen positive economic development in the Asia Pacific region (APAC), with the Chinese market recovering following the end of the strict zero-Covid policy. Palfinger has also received a high volume of orders for loader cranes in India, indicating great potential for further growth in the region.
Palfinger’s order backlog extends into the fourth quarter of 2023, providing high visibility. Based on this and the results for the first quarter, the company expects to achieve a new revenue record of over EUR 2.4 billion for the full year 2023 and aims for an EBIT of EUR 200 million. However, geopolitical developments remain a factor of uncertainty. Palfinger aims to reach revenue of EUR 3.0 billion as soon as 2027, with an EBIT margin of 10 percent and an ROCE of 12 percent, in line with its consistent pursuit of an organic growth strategy.
