Palfinger's performance on the rise
Austria's Palfinger has reported record revenues of EUR1.753 billion (USD1.9 billion) for 2019 - up 8.6% from the previous year.
Directors attribute the improvement to increased demand in the most important markets of Europe, North America, Russia and China.
Consolidated net profit increased by 38.1% - another record for the company.
The results came against a backdrop of increased complexity as a result of the worldwide expansion by means of acquisitions and a major restructure of Palfinger operations. In 2019, the Global Palfinger Organization (GPO) was successfully implemented, allowing the company to operate more efficiently than ever.
Last year, Palfinger invested substantially in forward-looking measures such as improving its distribution network and group-wide initiatives such as Palfinger Process Excellence and Palfinger 21st.
Directors say Palfinger will expand its global market position as a solution provider that closely collaborates with its customers, thanks to a series of innovative product solutions to be launched in 2020.
Despite slower growth in the global economy, the more challenging market environment in Europe, and shifts in the product mix, Palfinger expects a strong fiscal year 2020. Nevertheless, significantly lower profitability is anticipated in the first quarter of 2020 compared with the outstanding first quarter of 2019.
The company will further invest in its future by consolidating its brands, continuing the roll-out of the global ERP system and with Palfinger 21st. The management remains committed to its goals for 2022: total revenues of EUR2 billion as well as an average EBIT margin and average ROCE of 10% above the economic cycle.