08.03.2024

Another record year for Palfinger

Austrian crane and aerial lift manufacturer Palfinger has posted its full year results with a strong uplift in profits.

Total revenues for the 12 months to the end of December were €2.44 billion, almost 10 percent higher than for 2022.

The growth came from Europe, North America and Asia Pacific partly offset by declines in South America and CIS countries – Palfinger still has a business in Russia, but it is run autonomously while it says all sanctions are adhered to.

Revenues by region
Europe - €1.46 billion +11%
North America - €599.2 million +17.4%
South America - €127.3 million (-7%)
CIS – Russia - €114.8 million (-29%)
Asia Pacific - €134.7 million +21%

Pre-tax profit improved 30 percent to €173.4 million, while net debt at the end of the years was €668 million, up nine percent on year end 2022.

Fourth quarter revenues were €640 million, while pre-tax profit jumped 44 percent to €32.8 million.

2024 outlook

Palfinger is forecasting a stable first half revenues, thanks to the current backlog but has expressed some uncertainty for the second half. However, it says it is very positive regarding profitability. It adds that it remains on target to achieve €3 billion in 2027.

Vertikal Comment

Another very positive result from Palfinger, although once again we see caution about 2024, which is understandable given the situations in Ukraine and the Middle East, not to mention the uncertain US elections. In spite of this, it still has ample opportunity to increase market shares in North America, Asia Pacific and the aerial lift market, to mention Marine. Its profitability will also help reduce debt, make further acquisitions and invest in its brand and product lines. We would expect the company to achieve at least €2.5 billion in sales this year.