PALFINGER Achieves Historic Record Year in 2023 Amidst Economic Challenges

PALFINGER AG, a global technology and mechanical engineering firm, reported a historic year in 2023 with record-breaking financial results. The company announced a revenue of EUR 2.45 billion alongside an operating result (EBIT) of EUR 210.2 million, marking the highest figures in its history. The consolidated net result also reached a new high of EUR 107.7 million. This performance comes in the face of challenging economic conditions, including geopolitical upheavals, rising interest rates, and inflation.

The company’s success is attributed to its strategic focus on growth markets in North America, Asia, and the Marine sector, which posted significant profitability increases. PALFINGER's efficient supply chain management and increased delivery reliability played a crucial role in achieving high output and reducing production backlogs. However, weakening demand in EMEA and LATAM in the latter part of the year required capacity adjustments, while truck chassis delivery issues and installation network bottlenecks led to high finished stock levels.

Despite a low order intake in Europe, attributed to a weak construction sector, PALFINGER saw significant growth in revenue and profitability across all product lines, thanks to effective price increases. The company has also laid the groundwork for future success through strong partnerships and a focus on digitalization, particularly in the marine industry with the development of remote-controlled offshore cranes.

Looking ahead to 2024, PALFINGER anticipates a stable first-half revenue with good profitability but acknowledges limited visibility for the latter half of the year. The company remains committed to enhancing resilience through strategic capital management and targeted cost reductions, with ambitious financial targets set for 2027.