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PALFINGER continued its profitable growth

Wednesday, 1 Aug 2018 ( #883 ) - Bergheim, Austria
News Story
Andreas Klauser
The PALFINGER Group continued to post growth in the first half of 2018. Revenue rose by 6.4% year-on-year to EUR801.9 million (USD938.62 million), reaching a new peak for a first-half reporting period.

"Thanks to strong demand, we were able to continue our profitable growth," says Andreas Klauser, who has been the CEO of PALFINGER AG since 1 June 2018. His outlook for the second half of the year is optimistic: "For 2018 as a whole, we again expect an increase in revenue and operating profitability, as well as a higher consolidated net result than in 2017."
"In the first half of 2018, the revenue of the Land segment rose by 10.0%, but the SEA segment’s revenue fell 11.0%, impacted by restructuring costs. As market performance was distinctly weaker than originally expected, the restructuring of this segment has continued intensively. In addition to cost-cutting measures, evaluations have been and will be made regarding site restructurings, efficiency enhancements and portfolio adjustments, as well as leveraging of additional potential for growth and enhanced utilisation of synergies. Some of these measures have already been implemented," he explain.
In the first half of 2018, the PALFINGER Group again recorded an increase in incoming orders, which indicates that for the 2018 financial year, business performance will continue to be satisfactory overall, albeit heterogeneous, the company predicts. It is expected that due to continuing bottlenecks in supply, PALFINGER will not be able to catch up on a substantial part of the order backlog by the end of the year. Orders not realised in 2018 can therefore only be reflected in the figures for 2019.
The restructuring measures in North America were largely completed in the first half of 2018, but the ongoing restructuring measures in the marine business will continue to depress earnings in 2019. PALFINGER estimates that these costs will reach a similar level in the second half of 2018 as in the first half. Any portfolio or site optimisation could also lead to higher restructuring costs in the second half of 2018.
The management foresees an increase in revenue and operating profitability for 2018. The consolidated net result in 2018 will likely be higher than in 2017; however, as a result of the higher tax rate, the lower net financial result, further restructuring measures and an increase in non-controlling interests, it is not expected to reach the record levels of 2015 and 2016.
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