Palfinger aims for record year

Palfinger reported an EBIT margin of 9.9 percent for Q1, 2021

Austria-headquartered manufacturer of hydraulic lifting, loading and handling systems Palfinger reported increased revenue and a jump in earnings for its first quarter 2021 financial results.

Palfinger said the economic recovery that started in the second half of 2020 continued during the first quarter of 2021 with a positive impact on the development of its earnings and revenue.

The company reported an EBIT margin of 9.9 percent, despite January’s cyberattack, up on last year’s figure of eight percent. It also posted a Group revenue of €405.9 million in Q1 of 2021 compared with €393.2 million for the same period in the previous year. This is an increase of €12.7 million, or 3.2 percent.

EBITDA increased by 16.3 % compared with Q1 of 2020, to €58.5 million. The operating result (EBIT) increased from €31.4 million in Q1 of 2020 to €40.0 million in Q1 2021. The consolidated net result was €24.5 million compared to €15.5 million for the same period in the previous year. 

Palfinger said the global economic recovery is reflected in its good order intake and that its order books are full, with all plants working at full capacity.

Economic growth of 8.4 % is forecast for China, 6.4 % for the USA and 4.4 % for Europe. The upturn is being driven largely by the construction industry. The timber industry is developing positively, too. The upturn, however, is accompanied by rising raw material prices which results in higher costs along the supply chain.

Palfinger said that for the full 2021 fiscal year it is aiming for a record year with revenues in excess of €1.75 billion and an EBIT of more than €149 million.