EQS-News: Palfinger AG / Key word(s): Quarter Results
PALFINGER AG: Outstanding results for PALFINGER AG in the first quarter
26.04.2024 / 07:01 CET/CEST
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE Bergheim, Austria, April 26,
2024
Outstanding results for PALFINGER AG in the first quarter
• EUR 578.5 million revenue, record EBIT of EUR 54.7 million and
consolidated net result of EUR 32.5 million
• Good development in North America, Asia and the Marine Sector
• Continued low order intake in European core markets
in EUR million Q1/2022 Q1/2023 Q1/2024 %
Revenue 485.6 591.6 578.5 -2.2%
EBITDA 49.1 69.6 76.6 +10.1%
EBITDA margin in % 10.1 11.8 13.3 –
EBIT 30.4 48.9 54.7 +11.9%
EBIT margin in % 6.3 8.3 9.5 –
Consolidated net result 13.6 25.6 32.5 +27.0%
Employees^1) 12,049 12,518 12,776 –
1) Reporting date figures of consolidated Group companies are indicated
without equity investments and without contract workers.
In the first quarter of 2024, PALFINGER AG recorded revenues of EUR 578.5
million, an operating result (EBIT) of EUR 54.7 million and consolidated
net result of EUR 32.5 million. The company thus achieved its strongest
EBIT and consolidated net result in a first quarter. This despite a very
challenging economic environment, geopolitical uncertainties and the
resulting weakening of core markets in Europe.
Lower order intake in Europe, but positive developments in North America
(NAM) and Asia (APAC)
PALFINGER’s largest growth region, NAM, recorded further earnings growth
and increased production output for service cranes and access platforms in
the first quarter of 2024. APAC saw strong demand for loader cranes in
India. There are still no signs of a positive trend in China.
In the EMEA region, macroeconomic and geopolitical upheavals continued to
result in low order intake, particularly in the core European markets of
Germany, France and Scandinavia. Southern Europe, particularly Spain and
Portugal, continues to develop very positively driven by strong tourism
and infrastructure projects.
“At PALFINGER, we manage challenges proactively, flexible and fast. Thanks
to our broad product portfolio and our focus on growth regions such as
North America, but also Marine Sector, we secure resilience even in
difficult times,” says Andreas Klauser, CEO of PALFINGER AG.
Strong development in the Marine Sector
Orders from offshore wind farm projects in Japan and Taiwan, among others,
as well as growth in the servicing of cruise ships and offshore and marine
cranes led to revenue growth of around 30 percent and a significant
increase in profitability in the Marine sector. Incoming orders are also
still at a very high level.
Promissory note loan successfully placed, underlining focus on
sustainability
In the first quarter of 2024, PALFINGER placed a significantly
oversubscribed ESG-linked promissory note loan to the value of EUR 160
million at attractive conditions. These are linked to two sustainability
KPIs: product-related CO(2 )emissions and the accident rate. The
promissory note loan will be used to refinance maturing loans and complete
planned investments.
Outlook
In the current difficult and geopolitically uncertain environment,
PALFINGER expects profitable growth in NAM, APAC and the Marine Sector.
Due to the continued low level of orders in the EMEA region, production
was reduced. For the full year a slight decline in revenue compared to
2023 (revenue of EUR 2,446 million) and an EBIT of around 20 percent below
that of the record year 2023 (EBIT of EUR 210.2 million) are expected. The
financial targets for 2027 of EUR 3.0 billion in revenue, 10% EBIT margin
and 12% ROCE remain unchanged.
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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 12,800 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 | (1)h.roither@palfinger.com
Texts and their accompanying images are available in the “News” section of
www.palfinger.ag and www.palfinger.com.
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26.04.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
════════════════════════════════════════ ══════════ ════════════════════════ Language: English Company: Palfinger AG Lamprechtshausener Bundesstraße 8 5020 Salzburg Austria Phone: +43 (0)662/2281-81101 Fax : +43 (0)662/2281-81070 Email: ir@palfinger.com
Internet: www.palfinger.ag
ISIN: AT0000758305
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1889931
End of News EQS News Service
1889931 26.04.2024 CET/CEST
References
Visible links
1. h.roither@palfinger.com