Palfinger Reports Continued Growth
Revenue of the Austrian crane manufacturer increased by 34% in the first three quarters of 2011, EBIT more than doubled to € 52.4m.
Palfinger today presented results for the period January to September. At € 624.0m, the revenue generated in the first three quarters of 2011 was 34.2% above the figure reported for 2010, when revenue was € 464.9m. EBIT (incl. associated companies) came to € 52.4m as compared to € 23.7m in the same period of 2010, corresponding to more than a doubling of the earnings before interest and taxes. The consolidated net result for the period almost tripled, rising from € 11.7m in the first three quarters of 2010 to € 32.7m in the period under review.
The positive development continued over the individual quarters of 2011. In the third quarter, the company holiday at the European sites has to be taken into account which is reflected primarily in the quarterly earnings. Nevertheless, revenue (Q1: € 191.6m; Q2: € 222.7m; Q3: € 209.7m) and EBIT (Q1: € 15.1m; Q2: € 20.9m; Q3: € 16.5m) were again higher than in the first quarter.
In the third quarter of 2011, revenue amounted to € 209.7m, which is 25.2% higher than in the same period of 2010, when revenue was € 167.5m. EBIT rose from € 9.1m in the third quarter of 2010 to € 16.5m, corresponding to an 81.4% increase.
While revenue in numerous markets significantly increased compared to the previous year, some weak markets continued to show a modest performance. Growing financial uncertainty over the third quarter was reflected in a lower order intake in recent months, particularly in Europe.
The markets outside Europe have been characterized by growth and/or stability at a satisfactory level. With approximately 3%, the markets in Asia currently still only account for a small share of Palfinger’s business. However, the sharp increase in revenue generated in the region demonstrates that these markets are gaining in importance. With production sites in China, Vietnam and - since the end of 2010 - also in India, the company is well prepared for further growth.
The current developments in the financial markets in Europe are likely to have an impact on the real economy as well and thus also on the markets that are of relevance for Palfinger. Nevertheless, management is confident that a decline in performance will not reach the same dimensions as in 2008.
Against this backdrop, the management expects the defined target of 20% organic growth to be achieved in 2011. In addition, the areas North and South America and the business units Access Platforms and Hookloaders are expected to make even more substantial contributions to earnings.