Double-digit revenue, earnings rises at Palfinger
06 August 2008
Palfinger Group revenues of €423.5 million in the first half of 2008 were 24.3% above the €340.6 million of last year's first half. EBIT (earnings before interest and taxes) rose to €59.6 million, 16.9% greater than the €51.0 million of the same period last year.
Second quarter revenues were €214.5 million, up 2.7% from €208.9 million in the first quarter. EBIT of €30.0 million for the quarter was 1.4% greater than the €29.6 million of the earlier period. The Austrian company said "...the performance of individual markets in which [it] is active varied greatly during the period..."
The company expects double-digit revenue growth throughout the remainder of 2008. It cited leading indicators of reversal of the trends in currently weak markets, such as Spain, Great Britain, Italy, and the US. Palfinger also said that the "initial consolidation of the Elevant unit of Wumag GmbH [bought in the second quarter] will probably result in a dilution of the EBIT margin."
Palfinger manufactures and markets hydraulic knuckle-boom cranes, tail lifts, and truck-mounted aerial platforms in Europe, North and South America, and Asia. The group had 2007 sales of €696 million.