Palfinger, the Austrian manufacturer of knuckle boom cranes, has reported a 9% rise in sales to Euro 334m in 2003 and a 10% rise in earnings before tax and interest to Euro 25.7m. This is the highest sales turnover that the company has ever recorded in its 71 year history.
Growth was attributed to the ‘rapid process’ programme, by which Palfinger now produces each crane only after an order has been received, and to the success of the Epsilon timber cranes. Poor productivity at Guima hook loaders was ‘the main negative factor’, the company said. The management expects a further growth in profitability in 2004, as long as economic conditions remain stable.
Record sales came in 2003 despite a year of internal reorganisation. In February chief executive Klaus Schützdeller left the company, and was replaced in September by Wolfgang Anzengruber. Wolfgang Pilz and Herbert Ortner joined the newly formed management board, with Pilz responsible for cranes and hook loaders and Ortner responsible for other product lines.
There has also been a corporate restructuring of Palfinger Group from 1 January 2004. Management of the South America region and the North America region has been partially devolved to the local management teams in these two regions, with the intention of making the company closer to the market. The South America region, which includes the truck crane manufacturing operations of Madal in Brazil, accounts for 7% of group sales. North America accounts for 8%.
Meanwhile Palfinger is continuing with an aggresive product development programme, continuing the reorganisation of its product line into three strands Performance, Advantage and Compact to give customers more choice over price and specifications. At the Bauma fair in Munich in March Palfinger will launch 14 new cranes and five new fly jibs.