Palfinger, an Austrian manufacturer of lifting equipment, work platforms, and material handling equipment, has released its revenue results for 2023. In terms of financial performance, breaking its own records has become a habit for Palfinger, and in 2023, it broke three records - revenue, EBIT, and consolidated net profit.
Continued Expansion in North America
Palfinger's 2023 revenue reached a record €2.45 billion, an increase of almost 10% compared to €2.23 billion in 2022. Its EBIT (earnings before interest and taxes) was €210.2 million, an increase of 39.8% compared to €150.4 million in 2022.
It is worth noting that the EBIT margin for the year reached 8.6%, the highest level for the company since 2008.
Consolidated net profit (profit) was €107.7 million, an increase of 50.8% compared to €71.4 million in 2022.
The company said that these record results were achieved in a year of global uncertainty, rising interest rates, and high inflation. Factors contributing to the success include the easing of supply chain issues, the previous price increase measures taking effect, and the full utilization of production capacity.
The company said that the outlook for the future market is challenging, especially in the European region. However, the order backlog provides visibility until the end of the second quarter of 2024.
