EQS-News: PALFINGER AG: Good results in the first three quarters of 2024

EQS-News: Palfinger AG / Key word(s): 9 Month figures
PALFINGER AG: Good results in the first three quarters of 2024

28.10.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE                        Bergheim, Austria. October 28, 2024

PALFINGER AG: Good results in the first three quarters of 2024 
 

• Revenue: EUR 1,745.0 million, EBIT: EUR 158.7 million – EBIT margin of
9.1 percent
• Order intake remains low in core markets
• Positive developments in Latin America, Asia and Marine sector

 

in EUR million Q1-3/2022 Q1-3/2023 Q1-3/2024 %
Revenue 1,580.9 1,798.9 1,745.0 -3.0%
EBITDA 170.6 233.4 225.0 -3.6%
EBIT 112.5 165.0 158.7 -3.8%
EBIT margin in % 7.1 9.2 9.1 –
Consolidated net result 53.2 90.9 90.8 -0.1%
Employees^1) 12,175 12,707 12,541 –

1) Reporting date figures of consolidated Group companies are indicated
without equity investments and without contract workers.

PALFINGER AG recorded a revenue of EUR 1,745.0 million, an operating
result (EBIT) of EUR 158.7 million and a consolidated net result of
EUR 90.8 million in the first three quarters of 2024. Despite a slight
decline in revenue, PALFINGER achieved a good result.

Core markets weaker, growth in Marine sector, APAC and LATAM
The European core markets, especially Germany, are stagnating, while the
upcoming US election is slowing down the demand in North America (NAM).

PALFINGER recorded strong growth in the Asia-Pacific region (APAC) driven
by high demand especially in India, while China remained flat. In the
Latin America region (LATAM), Brazil and Argentina are on course for
growth. The marine sector benefited from offshore crane orders as well as
from growing service business, which boosted revenue and profitability.

Reduced inventories of finished goods in the third quarter are reflected
in working capital.

“Our geographical and product diversification has been a decisive
resilience factor in the first three quarters. Given the volatile economic
situation, we are actively tackling the challenges, increasing the
attractiveness of our portfolio, intensifying customer proximity in growth
regions and implementing cost-cutting measures,” said Andreas Klauser, CEO
of PALFINGER AG.

Product launches
In September, PALFINGER presented its newest products and digital
innovations at the leading European marine trade show “SMM” in Hamburg and
“IAA Transportation 2024” in Hanover. Major launches were a marine crane
for heavy loads, the new truck mounted forklift (FLS), a new series of
loader cranes, access platforms and hook lifts as well as PALFINGER
CONNECTED plus+.

Economic environment requires capacity adjustments
Production capacity in EMEA was proactively reduced due to the
persistently low order intake in the European core markets. Increased
demand in Brazil and Argentina, on the other hand, led to an increase in
capacity in LATAM. A new supplier structure in Mexico will be established
to optimize costs and prepare for further growth in NAM.

Outlook
PALFINGER expects the continuation of the positive performance in APAC and
LATAM regions and as well as in the marine sector. Currently there is no
significant improvement in the economic environment in the European core
markets visible, so production capacities in EMEA will be further adjusted
in the fourth quarter of 2024.
North America is also experiencing lower demand due to the upcoming
presidential election.

For the full year (FY) 2024, we expect a good result despite challenging
market conditions. Compared to 2023 (revenue: EUR 2.45 billion) revenue is
expected to decline by approximately 5%, while EBIT is forecasted to be
over 10% lower than record year 2023 (EUR 210.2 million). Due to a
significant reduction of working capital, a clearly positive free cashflow
is expected.

Despite the challenges, the Executive Board is committed to its ambitious
financial targets for 2027: EUR 3.0 billion in revenue, an EBIT margin of
10%, and a ROCE of 12%. However, achieving the revenue target is becoming
increasingly challenging due to the difficult market conditions.

You can find the results presentation for Q1-Q3/2024 here:
[1] https://www.palfinger.ag/en/investors/publications/presentations

Here you can find the key figures for Q1-Q3/2024:
[2] https://www.palfinger.ag/en/investors/publications/press-releases

+++

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 around 12,540 employees (without contract
workers), 31 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 2023 achieved record revenue of EUR 2.45 billion.
For further information please contact:
Hannes Roither | Group Spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com

Texts and accompanying images are available in the “News” section of
www.palfinger.ag, www.palfinger.com.

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28.10.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: Palfinger AG
Lamprechtshausener Bundesstraße 8
5020 Salzburg
Austria
Phone: +43 (0)662/2281-81101
Fax: +43 (0)662/2281-81070
E-mail: ir@palfinger.com
Internet: www.palfinger.ag
ISIN: AT0000758305
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2016597

 
End of News EQS News Service

2016597  28.10.2024 CET/CEST

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