Palfinger reports revenue growth for Q1

5 May 2021

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The Palfinger Group reported a revenue of €405.9m for the first quarter of the year, up €12.7m (3.2%) compared to the previous year.

Earnings before interest and taxes (EBIT) amounted to €40m­—27.6% higher year-on-year—while consolidated net result increased by 58.4% to €24.5m.

These positive results were achieved despite the company being a victim of cyber attack during this period. “Palfinger faced two-weeks of production downtime due to a cyber attack at the end of January, the consequences of which are being compensated for as quickly as possible. For this reason, extra shifts are being worked at our production sites,” said Palfinger CEO Andreas Klauser. “We reacted fast and efficiently to the cyber attack, successfully limited the damage and restarted production in the shortest time possible.”

The manufacturer says the global economic recovery was reflected on its good order intake in the first quarter of the year and that it has a full order book. “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. However, the upturn is accompanied by rising raw material prices, which results in higher costs along the supply chain,” said Palfinger. Klauser added that the risk of limited material availability should be considered.

For the full fiscal year 2021, Palfinger’s management is aiming for a record year with revenues in excess of €1.75bn and an EBIT of more than €149m.

“However, despite full order books and the worldwide economic upswing, there are substantial risk factors such as supply chain limitations, higher raw material prices, production capacity bottlenecks and uncertainty concerning the Covid-19 pandemic,” said the manufacturer.