EQS-News: PALFINGER AG: Outstanding results for PALFINGER AG in the first quarter

EQS-News: Palfinger AG / Key word(s): Quarter Results
   PALFINGER AG: Outstanding results for PALFINGER AG in the first quarter

   26.04.2024 / 07:01 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   PRESS RELEASE                             Bergheim, Austria, April 26,
   2024

   Outstanding results for PALFINGER AG in the first quarter
    

     • EUR 578.5 million revenue, record EBIT of EUR 54.7 million and
       consolidated net result of EUR 32.5 million
     • Good development in North America, Asia and the Marine Sector
     • Continued low order intake in European core markets

    

   in EUR million          Q1/2022 Q1/2023 Q1/2024 %
   Revenue                 485.6   591.6   578.5   -2.2%
   EBITDA                  49.1    69.6    76.6    +10.1%
   EBITDA margin in %      10.1    11.8    13.3    –
   EBIT                    30.4    48.9    54.7    +11.9%
   EBIT margin in %        6.3     8.3     9.5     –
   Consolidated net result 13.6    25.6    32.5    +27.0%
   Employees^1)            12,049  12,518  12,776  –

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

   In the first quarter of 2024, PALFINGER AG recorded revenues of EUR 578.5
   million, an operating result (EBIT) of EUR 54.7 million and consolidated
   net result of EUR 32.5 million. The company thus achieved its strongest
   EBIT and consolidated net result in a first quarter. This despite a very
   challenging economic environment, geopolitical uncertainties and the
   resulting weakening of core markets in Europe.

   Lower order intake in Europe, but positive developments in North America
   (NAM) and Asia (APAC)
   PALFINGER's largest growth region, NAM, recorded further earnings growth
   and increased production output for service cranes and access platforms in
   the first quarter of 2024. APAC saw strong demand for loader cranes in
   India. There are still no signs of a positive trend in China.

   In the EMEA region, macroeconomic and geopolitical upheavals continued to
   result in low order intake, particularly in the core European markets of
   Germany, France and Scandinavia. Southern Europe, particularly Spain and
   Portugal, continues to develop very positively driven by strong tourism
   and infrastructure projects.

   “At PALFINGER, we manage challenges proactively, flexible and fast. Thanks
   to our broad product portfolio and our focus on growth regions such as
   North America, but also Marine Sector, we secure resilience even in
   difficult times,” says Andreas Klauser, CEO of PALFINGER AG.

   Strong development in the Marine Sector
   Orders from offshore wind farm projects in Japan and Taiwan, among others,
   as well as growth in the servicing of cruise ships and offshore and marine
   cranes led to revenue growth of around 30 percent and a significant
   increase in profitability in the Marine sector. Incoming orders are also
   still at a very high level.

   Promissory note loan successfully placed, underlining focus on
   sustainability
   In the first quarter of 2024, PALFINGER placed a significantly
   oversubscribed ESG-linked promissory note loan to the value of EUR 160
   million at attractive conditions. These are linked to two sustainability
   KPIs: product-related CO[2 ]emissions and the accident rate. The
   promissory note loan will be used to refinance maturing loans and complete
   planned investments.

   Outlook
   In the current difficult and geopolitically uncertain environment,
   PALFINGER expects profitable growth in NAM, APAC and the Marine Sector.
   Due to the continued low level of orders in the EMEA region, production
   was reduced. For the full year a slight decline in revenue compared to
   2023 (revenue of EUR 2,446 million) and an EBIT of around 20 percent below
   that of the record year 2023 (EBIT of EUR 210.2 million) are expected. The
   financial targets for 2027 of EUR 3.0 billion in revenue, 10% EBIT margin
   and 12% ROCE remain unchanged.

   +++
   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 12,800 employees (without contract
   workers), 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 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 | [1][email protected] 

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

    

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   26.04.2024 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:      [email protected]
   Internet:    www.palfinger.ag
   ISIN:        AT0000758305
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1889931


    
   End of News EQS News Service


   1889931  26.04.2024 CET/CEST

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