Marginal rise at Palfinger

Loader crane manufacturer Palfinger reported a marginal revenue rise in the first quarter of 2013.

Revenue was up 0.8% at €225.8 million (US$ 294 million), compared to €223.9 million ($ 291 million) in the first quarter of 2012. Earnings before interest, tax and amortisation (EBITA) increased slightly more in percentage terms, by 1.5%, to €25.4 million ($ 33 million). Earnings before interest and tax (EBIT) was €18.1 million ($ 24 million) in the first quarter, up 1.8%, from €17.7 million ($ 23 million).

The Austria-based company’s CEO commented positively, “Actually we are more than satisfied,” said Herbert Ortner, “first of all because we have managed to continue Palfinger’s growth, and secondly because this confirms the success of our strategy. Without our consistent internationalisation outside Europe and without the new Marine business area, our business performance would not be this good.”

In its forecast for 2013 the company said it expected a continued moderate increase in revenue, coming primarily from the business areas outside Europe and the Marine business area. It added there was potential for doubling annual revenue to about €1.8 billion ($ 2.3 billion) by 2017.

Palfinger said it planned to reach this goal through the introduction of its entire product portfolio in the BRIC (Brazil, Russia, India, China) countries, and continued growth in the marine business. There will also be organic and inorganic growth, added the company.

In Europe, the first quarter saw a further decline in demand, while North America’s growth has been positive for two years in a row, the company said. In South America increases continued from previous quarters and Asia too was up.

The manufacturer said its Chinese joint venture with Sany will have a positive effect on business. In the Marine business segment the acquisition of crane manufacturer Dreggen at the end of 2012 also contributed to revenue.