Palfinger exceeds Euro 1 billion

For the first time Palfinger has exceeded €1 billion (US$ 1.13 billion) in annual revenue. An 8.4 % increase in 2014 put the total at Euro 1.06 billion ($ 1.2 billion) for the full year.

Earnings before interest and taxes, at €66.5 million ($ 75 million), was down 10 % from €74 million ($ 84 million) a year earlier. The Austria-based articulating crane, work platform and material handling equipment manufacturer attributed the decrease to fewer orders from Europe, Russia North and South America.

Acquisition characterised 2014 for Palfinger, including companies in Argentina, Middle East, Norway and Russia. The joint venture agreement was completed between Palfinger and Chinese manufacturer Sany.

In outlook the company forecasts a new record revenue for 2015 with growth potential in North America, Asia (primarily China) and in the marine business. Since the fourth quarter of 2014 Palfinger said it perceived stabilising demand with no upswing in sight for South America or Russia.