29.10.2021

Palfinger records continue

Austrian crane and aerial lift manufacturer Palfinger has released its third quarter results.

Total revenues for the nine months to the end of September increased 21.3 percent to €1.34 billion, a new record. The company has not yet released its full results, but pre-tax profits were 78 percent higher at €125.4 million. Net financial debt was reduced by €38 million to €406 million.

In the third quarter revenues improved 22.5 percent to €456 million, with a pre-tax profit of €33.1 million, up around six percent on the same quarter last year. With record order intake in the quarter, the company is now forecasting full year revenues of €1.75 billion, with an operating profit of at least €150 million. It expects this will increase to €2.3 billion by 2024.

Chief executive Andreas Klauser said: The worldwide material bottlenecks and negative effects on supply chains also affect Palfinger’s production which has led to increased effort in capacity management. "Palfinger has deployed its own Supply Chain Task Force to proactively manage any upcoming constraints to secure maximum production volume. Due to the increase in raw material costs, Palfinger raised its prices significantly in several steps this year. This did neither negatively impact the strong demand, nor did we lose orders."

“Our order books provide us with good visibility and utilisation of capacity until the second quarter of 2022”.

The press release added: “Palfinger continues to benefit from the economic upswing and the positive market environment. The company has achieved record order intake in almost all product lines and regions. In the third quarter, Palfinger also won a major follow-up order in Thailand for the delivery of 148 loader cranes to the state owned Provincial Electricity Authority. Following the acquisition of an innovative technology for Offshore Passenger Transfer Systems, Palfinger is also expanding its position as a full-service provider in the offshore sector.”

“In order to secure capacity for future growth and further efficiency, Palfinger is investing around €130 million in 2021, the highest amount in the company’s history. This also includes the acquisition of the global headquarters in Bergheim. Despite the shortage of materials and components.”



Vertikal Comment

The information released so far is tad basic, but clearly Palfinger is doing well, and also stepping up to the supply chain challenges. While operating profits have improved significantly the pre-tax result ought to be strong still with few exceptional costs and lower interest payments.
We will update this item as soon as we receive the full results.