PALFINGER AG Foresees Lower Annual Earnings for 2024 Despite an Outstanding First Quarter

In a recent update, PALFINGER AG, headquartered in Bergheim, Austria, announced a significant reduction in production levels amidst a continuous decline in order intake within its core EMEA region. This strategic decision was made during the company's adjustment meeting focused on global production capacities and procurement volumes. As a direct consequence, PALFINGER anticipates a slight decrease in revenue for the entirety of 2024 compared to the prior year, accompanied by an EBIT (Earnings Before Interest and Taxes) figure that is expected to be 20 percent lower than the record year of 2023, which saw an EBIT of 210.2 million.

Despite the anticipated overall downturn, PALFINGER reports a highly successful conclusion to the first quarter of 2024. Thanks to a substantial volume of billing in the latter days of March, the company expects its Q1 earnings to significantly exceed those from the same period in 2023, where EBIT stood at EUR 48.9 million. This positive development in the early part of the year injects a note of optimism despite the broader challenges faced by the company.