Palfinger posts record half year revenue
By Alex Dahm29 July 2022
Austria’s Palfinger reported its highest-ever revenue for the first half of 2022, posting record sales of €1,039 million (US$1,063 million), and earnings before interest and taxes of €80.2 million ($82 million).
Revenue was up by €154.9 million, or 17.5 per cent, on the €884.1 million in the same period of 2021. The company said the increase reflected not only the high market demand for products but also increased sales prices and exchange rate effects.
At €119.5 million, EBITDA was 10.5 % lower than the same period of 2021. EBIT was down from €92.1 million to €80.2 million. The fall was attributed to cost increases and the deferred effect of price increases. Palfinger’s consolidated net result was €39.2 million, down from €55.7 million at the end of June 2021.
Fluctuations in regional demand
While demand fell in the EMEA region as a result of the war in Ukraine the company reported continued high demand in North America, Latin America and in the global marine crane market. The rest of this year, Palfinger said, will be characterised by high volatility and uncertainty. “While steel costs are easing at a high level, the development of energy prices still cannot be estimated.”
For the first half of 2022 the order backlog was at a record high and the order book is full until the second quarter of 2023, the company said. Target sales for the full year 2022 is a record €2 billion.
Later this year further price increases will be introduced and then January 2023 will see implementation of dynamic pricing to help compensate for fluctuations in materials costs. The index-based flexible pricing will allow the company to react quickly to changes. “In this way, we guarantee transparency, the immediate and direct transfer of costs, and consequently stabilised profitability,” said Andreas Klauser, Palfinger CEO.