Palfinger up 10% from the Americas and CIS

Revenue generated by knuckle boom crane and access platform manufacturer Palfinger in the first three quarters of 2012 was 10% up, at €688.2 million (US$888 million), from the €624.0 million ($805 million) reported for the first three quarters of 2011.

Growth was primarily from North and South America and the worldwide Marine Systems business. Acquisitions made by the Austria-based company in the CIS countries in 2011 accounted for more than one third of the increase in revenue, Palfinger said.

“Our strategy has proven its worth, and this shows on all levels. Without having pursued our internationalisation strategy for many years, not only in America but, also, towards the BRIC countries, the present growth achieved by Palfinger would not have been possible. Our increased flexibility and our focus on fixed costs and capital employed have been major factors in generating stable results despite the weakness of markets in Europe,” commented Herbert Ortner, Palfinger CEO.

Earnings before interest and taxes for the first three quarters of 2012 was the same as the comparable period of 2011 at €52.0 million, ($67 million). The average EBIT margin for the period was 7.5%.

Overall, business in Europe over the period was weaker than the previous year and uncertainty in the markets continued to rise in the third quarter, the company said. Palfinger’s two joint ventures with the Chinese Sany Group have been approved and operations started. The first cranes have been sold and the company said that this internationalisation, especially outside Europe, will help safeguard its future