28.07.2016

Palfinger rise continues

Palfinger has reported yet another record quarter and half year, with higher sales and profits

Total revenue for the six months to the end of June was €665.6 million, almost 10 percent up on the same quarter last year. Sales were higher in many European countries, but also boosted €6.5 million by the acquisition of the company’s Spanish distributor. Pre-tax profits improved 21 percent to $58.8 million.

In the second quarter revenues increased just over 10 percent to €346.8 million, with pre-tax profits of €31.7 million- just over 10 percent higher on the year. European/Australasian sales were up more than 13 percent thanks substantially to crane sales, although aerial lift sales and manufacturing efficiency both improved significantly. Sales to the rest of the world were slower, primarily due to a reorganisation in the company’s North American business, ‘market turbulence’ in Brazil and lower earnings in Asia.

Chief executive Herbert Ortner said: “We are happy once again to have achieved record revenue. The satisfactory capacity utilisation in the European market in almost all product areas confirms that we are on the right track with our product mix. The acquisition of Harding, the largest in our history, will make us the world’s leading supplier of lifesaving equipment in the maritime industry."

"Through the planned takeover of TTS Group ASA, Palfinger would become one of the top three players in the global ship equipment market. Thus we have come a huge step closer to our goal of increasing annual revenue to €1.8 billion by 2017.”

Vertikal Comment

Another good set of numbers from Palfinger which is benefiting from the pick up now beginning to occur on southern and central Europe. The Americas and Asia are faring less well as is the marine division which is heavily involved in the energy sector which has slowed in recent months. But even that is beginning to look a little more positive.

Expect Palfinger to come in this year just over €1.3 billion this year, although it may yet surprise us and come in around €1.4 billion putting it within reach of its €1.8 billion target for next year,