PALFINGER AG Announces Record Financial Performance for 2023

PALFINGER AG, in its latest financial release, reported a historic 2023 fiscal year, setting new records across its revenue, EBIT, and consolidated net result. The Austrian-based leading producer of crane and lifting solutions disclosed a consolidated revenue of EUR 2.45 billion alongside a 39.8 percent increase in EBIT, soaring to EUR 210.2 million. The company's consolidated net result also experienced a significant jump, rising by 50.8 percent to reach EUR 107.7 million.

In light of these remarkable financial achievements, PALFINGER AG's Supervisory Board has proposed a dividend of EUR 1.05 per share for 2023, exceeding the one euro mark for the first time. This decision is set to be presented for approval at the Annual General Meeting scheduled on April 10, 2024.

Despite a challenging economic landscape characterized by high volatility, increasing interest rates, and severe inflation, PALFINGER AG's exceptional performance in 2023 was attributed to a favorable product mix, efficient plant utilization, effective price adjustments, and a stabilized supply chain. Looking ahead, the company maintains cautious optimism for the first half of 2024 with stable revenue and profitability expectations, although the visibility for the latter half of the year remains limited.

Moreover, PALFINGER AG reaffirmed its ambitious financial targets for 2027, aiming for a revenue milestone of EUR 3.0 billion and enhancing its EBIT margin to 10 percent alongside a 12 percent return on capital employed.