Palfinger revenue down but orders stabilised

10 August 2009

The PK18002 EH is one of four new loader cranes in Palfinger's High Performance range

The PK18002 EH is one of four new loader cranes in Palfinger's High Performance range

Knuckle boom crane manufacturer Palfinger reported revenue for the first half of 2009 down by 36% at Euro 269 million (US$ 382 million) compared to the record Euro 424 million ($602 million) for the first half of 2008.

Despite the weak economy order intake at the Austri-based company stabilised at a low level in recent months, Palfinger said. "The developments of recent months have shown clear signs of bottoming out in the markets that are of relevance to us. Order intake in the US and Asia is even slightly on the rise again. The implementation of the infrastructure projects announced and/or agreed upon all over the world will also generate a clear impetus. As an early-cycle company we are cautious but nevertheless optimistic for the upcoming quarters", said Herbert Ortner, CEO.

Crane sales were almost zero in some European markets and in Russia and there were declines in the two largest markets of Germany and France.

Cost savings policies returned a positive first half year 2009 EBITDA (earnings before interest, taxes, depreciation and amortisation) of Euro 4.9 million ($7 million). For the same period in 2008 it was Euro 69.2 million ($98 million). A positive EBITDA is expected for the entire year 2009.

While performance was forecast to be slow in the third quarter 2009 due to the small volume of orders on hand Palfinger was cautiously optimistic for the fourth quarter.

Latest News
How is the quarrying and mining sector embracing change?
Mining and quarrying have long been, in most aspects, ahead of construction regarding the use of new technology
Mammoet starts assembling 6,000 tonne crane
New SK6000 ring crane starts to come together in the Netherlands for the first time
Bechtel ramps up recruitment drive for Rio Grande LNG export facility mega project
Bechtel is opening a Craft Professional Recruitment Centre in Texas to hire workers for the Rio Grande LNG plant