Palfinger sales down 18%
By Alex Dahm30 July 2020
Sales at Palfinger declined 18 per cent to €729.8 million (US$858 million) in the first half of 2020.
The Austrian crane, aerial work platform and materials handling equipment manufacturer said Covid-19 and global recession had a direct impact on the revenue. EBITDA, at €84.8 million ($99.7 million), was down 29 % on the first half of 2019.
The company reported April and May as being particularly affected by disruptions to the supply chain, lockdowns and plant closures but that it has improved since June.
Andreas Klauser, Palfinger CEO, said, “Palfinger quickly and efficiently implemented measures to optimise liquidity, maintain supply chains and ensure the health of its workforce. In an extremely uncertain market environment with low visibility we have given our employees, partners and customers maximum stability and reliability.”
Looking ahead the company said it will continue with its actions to counter the effects of the crisis. Klauser said, “Markets are stabilising, visibility is improving. The recovering European economy increases demand: The order book of Palfinger AG is now pretty much as it was at the end of 2019. Provided there are no further external shocks, management is aiming for revenue of €1.5 billion [$1.76 billion] overall in 2020.”