23.02.2022

Record sales for Palfinger

Austrian crane and aerial lift manufacturer Palfinger has published its 2021 results, with revenues climbing more than 20 percent to €1.84 billion, while pre-tax profits jumped almost 70 percent to €143.6 million.

Revenues by geographic region
Europe, Middle East, Africa €1.15 billion +21.5%
North America €369.5 million +15%
South America €84.7 million + 63%
CIS States €132.3 million + 37%
Asia Pacific region €101.1 million – 9%

Net debt increased 20 percent to €476.6 million, the company acquired Equidraulic in Spain, TSK Kran und Wechslesysteme and TSR Lacktechnik in Germany during the year. It also repurchased the equity held by joint venture partner Sany, while selling its stake in Sany and increased capital expenditure.

For 2022 the company is forecasting a 10 percent increase in revenues to €2 billion, and targeting €2.3 billion by 2024 in terms of organic growth - with benefits from any acquisitions coming on top - reaching €3 billion by 2030.

Chief executive Andreas Klauser said: “This result shows how quickly Palfinger reacts to a volatile and challenging environment with the Global Palfinger Organization and uses it to its advantage. The greatest challenges in 2021 included the extreme cost increases for raw materials, transport and personnel. Despite limited material availability, Palfinger was able to maintain its delivery reliability at a relatively high level.”

The company will formally present its results tomorrow.

Vertikal Comment

Another strong result from Palfinger in the face of several challenges, such as a cyber attack this time last year which resulted in a couple of weeks of lost production, and supply chain issues. This year, given the events of the past few days, the fact that more than seven percent of the company’s sales are in Russia may have an impact overall revenues this year? Although much of the equipment sold is manufactured locally.

All in all, a very good result all around with strong potential in the year ahead.