Palfinger AG reached a significant milestone by achieving its best-ever Q1-Q3 results. The company raked in a remarkable revenue of EUR 1,798.9 million, boasting a robust EBIT of EUR 165.0 million, and a consolidated net result of EUR 90.9 million. This financial feat is attributed to a combination of factors, including strategic product selection and successful implementation of price increases.
Throughout 2023, Palfinger AG has faced the complexities of global economic challenges, marked by geopolitical developments, high interest rates, and persistent inflation. In the face of these obstacles, the company has not only persevered but thrived, continuing its legacy of excellence.
A standout highlight of the company’s performance this year has been the North American market. With a soaring demand for service cranes and truck-mounted forklifts, revenue in this region surged by over 30 percent. Despite hurdles such as limited truck chassis availability, North America remains a key growth driver for Palfinger AG.
Meanwhile, in the Asia Pacific region, excluding China, the company experienced a boost from the economic recovery, particularly in emerging markets like India. This was accompanied by a positive impact on the order intake in the loader crane sector. Additionally, the marine sector reported strong demand and order intake.
In stark contrast, the European Economic Area (EMEA) grappled with the adverse effects of inflation and high interest rates. The construction industry was notably impacted, leading to a decline in order intake. Although suppliers’ delivery reliability improved compared to the previous year, persistently low delivery reliability for trucks in EMEA created bottlenecks in the installation network and kept inventory levels of prefabricated equipment elevated.
Looking ahead, Palfinger AGmaintains a positive outlook, supported by its current order book coverage extending until the end of Q1 2024. The company anticipates revenue to reach EUR 2.4 billion, with an EBIT exceeding EUR 200 million for 2023. Nevertheless, geopolitical developments and ongoing macroeconomic uncertainties are acknowledged as potential factors of concern for the year 2024.
