EQS-News: Palfinger AG / Key word(s): Annual Results
PALFINGER AG: PALFINGER Achieves Record Revenue Yet Again
24.02.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
Bergheim, Austria on February 24, 2023
PALFINGER Achieves Record Revenue Yet Again
Record revenue of EUR 2.23 billion in a volatile environment
Strong performance in growth markets NAM & LATAM
Aiming for significant revenue and EBIT record in 2023
in EUR million
EBITDA margin in %
EBIT margin in %
Consolidated net result
1) Reporting date figures of consolidated Group companies without equity investments and without contract workers.
2) Proposal to the Annual General Meeting.
PALFINGER AG looks back on an eventful and successful year in 2022. Despite ongoing crises, the global technology and engineering company achieved record revenue of EUR 2.23 billion and, at EUR 150.4 million, the second highest operating result (EBIT).
Stressed supply chains and exploding costs
In addition to causing a humanitarian crisis, Russia's attack on Ukraine has also had a massive economic impact. Scarcity of resources, especially for truck chassis and electronic components, led to significant delivery delays and cost increases. Furthermore, market demand in EMEA weakened from Q2 2022 onwards.
At the same time, the zero Covid policy in China caused large-scale lockdowns, which resulted in massive delays and cancelations in the delivery of Chinese components worldwide and stagnating demand in APAC.
The Americas as a growth driver
By contrast, the NAM and LATAM regions proved to be strong growth markets.
Customer feedback on the newly launched range of truck-mounted forklifts was extremely positive and led to a strong order intake. In the LATAM region, mining, civil engineering and agriculture are the main growth drivers, resulting in the region recording the highest percentage growth.
Future-focused actions secure profitability and supply chains
In order to compensate for cost fluctuations more quickly and transparently, PALFINGER introduced an index-based and flexible dynamic pricing model. This will lead to the company's profitability becoming more plannable and stable with effect from January 2023.
With the two task forces “Gas Emergency Readiness” and “Supply & Operations Resilience,” PALFINGER implemented immediate and successful actions to reduce energy consumption and substitute natural gas as well as to secure the supply chain. “Despite material and personnel shortages, the supply chain task force enabled us to make the best possible use of our production capacities, achieve very good output and record revenue in manufacturing for third parties,” says PALFINGER CEO Andreas Klauser.
Investments for future success
With the expansion of our Köstendorf Global Technology Center and the Löbau site, as well as the opening of The Hub Vienna, PALFINGER has made important investments for the future.
The technology center in Köstendorf ensures that PALFINGER has uniform competencies made available across all product lines and that the components engineered feature a modular design.
At the Löbau site, the access platforms product line is being strengthened even further in order to continue to grow in this market segment as well.
The Hub Vienna exemplifies the company’s successful focus on the development of new, sustainable technologies and opens up access to future talents.
Innovative leadership through strong partnerships
PALFINGER took a significant step towards eMobility with the eWorX module, which was developed in cooperation with ZF Friedrichshafen AG and Mercedes-Benz Trucks. As a result, every PALFINGER product can be set up and used on a high-voltage truck. PALFINGER is consistently continuing on its path as a producer of highly innovative and smart solutions with increased efficiency, enhanced safety and improved usability.
Outlook: Aiming for significant revenue and EBIT record in 2023
Based on the high order backlog, PALFINGER is targeting significant record revenue and EBIT for fiscal year 2023.Q1 2023 is expected to significantly exceed the comparable quarter of the previous year in terms of both revenue and EBIT (EUR 485.6 million in revenue and EUR 30.4 million EBIT in Q1 2022). In 2027, a revenue of EUR 3.0 billion is expected with an EBIT margin of 10 % and a return on capital employed of 12 %.
* Experience shows that deviations in earnings figures from the previous year or from analysts' estimates are more pronounced in Q1 or Q2, as individual effects have a stronger percentage effect on the lower base, without this resulting in a deviation from the communicated guidance for the full year.
The online version of the PALFINGER AG annual report for 2022 is available here:https://www.palfinger.ag/en/investors/publications/finance-publications
Here is the magazine that accompanies the PALFINGER AG annual report 2022:
Pictures of the press conference can be found after 11am in this Gallery.
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 over 12,200 employees*, more than 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 2022 achieved record revenue of EUR 2.2 billion.
*Without contingent workers.
For further information please contact:
Hannes Roither | Group spokesperson | PALFINGER AG
T +43 662 2281-81100 | email@example.com
Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.
24.02.2023 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com