Image: Palfinger
As reported on Wednesday evening, the listed crane manufacturer achieved an increase in sales of around ten percent to 2.45 billion euros, an operating result (EBIT) of 210.2 million euros (plus 40 percent) and a consolidated profit of around 107.7 million euros 51 percent more than the year before.
Palfinger was confronted with geopolitical upheavals, rising interest rates and high inflation, Palfinger CEO Andreas Klauser pointed out the challenges to journalists on Thursday. The order backlog currently lasts until the end of the second quarter. For the first half of the year, the crane manufacturer expects stable sales compared to the previous year and good profitability. No forecast can currently be made for the second half of the year.
Last year, according to Klauser, Palfinger recorded double-digit growth rates in North America (25 percent share of sales). But in EMEA (Europe, Middle East and Africa) – the largest sales market with a 60 percent share of sales – Palfinger also grew thanks to higher prices despite a weak construction economy. Business picked up particularly in the Middle East. The crane manufacturer also recorded growth in the Asia-Pacific region – apart from China. India in particular stood out positively here, emphasized CFO Felix Strohbichler. And the marine sector also developed extremely positively, with an increase of 40 percent in incoming orders.
This year the supplier base in North America is to be expanded. But the development of strategic partnerships and the optimization of the supplier portfolio are also on the agenda for the current financial year, said Alexander Susanek, who has been responsible for day-to-day operations since July 1, 2023. In addition, assembly is being optimized in several plants.
Locations closed and opened
Palfinger should become more flexible in terms of production capacities, with the aim of achieving higher productivity, added Susanek, who previously worked at BMW, including as head of the engine plant in Steyr. As early as September of the previous year, Palfinger responded to weak demand and reduced capacity in Latin America and EMEA.
On the one hand, locations in Krefeld, Germany, and Harderwijk, Netherlands, were closed, and on the other hand, a location was opened in Nis, Serbia. Maria Holler, Head of Human Resources and Legal Affairs, is not only concerned with staffing up the Nis location. In addition, contract management and international investment management are on her agenda for the current year.
Palfinger still plans to achieve an EBIT margin of ten percent and a return on capital employed of twelve percent with sales of three billion euros in three years, i.e. in the 2027 financial year. Palfinger has 12,700 employees and 30 production sites worldwide.
more from economics
