Stronger Q3 for Palfinger

9 November 2020

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The Palfinger Group’s revenue stood at €1.1bn for the first three quarters of 2020, down 15.2% year-on-year.

The company said the global economic recovery of the third quarter had a positive effect on its revenue and earnings. “Especially in Europe, Russia, China and Latin America, in the third quarter, markets stabilised and contributed to solid profitability,” said the manufacturer.

Order levels are currently nearly at the same level as the end of 2019. However, earnings before interest and taxes (EBIT) decreased by 40.8% year-on-year to €70.6bn.

"Palfinger has handled the first phase of the crisis well and has demonstrated a high degree of stability. In this regard, I want to particularly acknowledge the achievements of our employees. Furthermore, we are pushing ahead the transformation process to continue our path of success in this changing market environment," said Palfinger CEO Andreas Klauser.

The measures the company initiated in March to optimise liquidity have positively influenced its net financial debt, which at €459m, is the lowest since the first quarter of 2016.

In October, the company hosted the Palfinger World Tour, a three-day virtual event. Guests representing 175 nations from Europe, Russia and Asia participated interactively. In 2021 the Palfinger World Tour will be continued as a platform for exchange and cooperation. "We work together with our customers and business partners to develop innovative solutions fast and flexible. Together we create values," said Klauser.