Solid first half for Palfinger

Austrian crane and aerial lift manufacturer Palfinger has reported a solid first half with revenues of €1.21bn up 16.9 percent on the same period in 2022. The geographical breakdown of total revenues is as follows:

Total sales by region
Europe, Mid East & Africa - €745 million +19%
North America - €290 million +27.5%
South America - €61.8 million -5.5%
CIS countries - €57.7 million -15%
Asia Pacific - €58.1 million +15%

Pre-tax profit for the six months was €96.5 million, up 28.5 percent, at the same time net debt grew 20% to €722.9 million.

North America was the fastest growing region in the first half, and now represents almost 24% of total sales, up by around 2% on the year. However, the greater European region represents 61% of sales compared to 60% this time last year.

The strong American sales were due to a large volume of orders for service cranes and truck-mounted forklifts. In September Steyr Automotive will take over the assembly of truck mounted forklifts for Palfinger North American market, with the plan to build 1,700 units a year in the region by 2027.

Chief executive Andreas Klauser said: “The first half was characterised by inflation, interest rate hikes and a slowdown in economic development. Nevertheless, Palfinger delivered an outstanding performance. EBIT rose over proportionately by 38.7% to €111.3 million. These figures reflect high capacity utilisation at the production plants and flourishing business in the North American market, a market with big growth potential.”

“Furthermore, last year's price adjustments had a positive effect. Supply chain stability and raw material and freight costs have also improved. However, persistently high inventory levels and targeted investments in future oriented structures continued to weigh on cash flow and net financial debt.”