PALFINGER (Producer of Truck Mounted Cranes, Forklifts and Hooklifts) Headed For Record Year
10 November 2006 15:21
PALFINGER, the global leader in truck-mounted knuckle-boom cranes, continued its successful performance in the third quarter of 2006. Compared to the same period in the previous year, revenue increased by 13.3% in the first nine months to €437.2 million, and EBIT rose from €52.6 million to €59.3 million, equivalent to an EBIT margin of 13.6%.
Once again, as in previous quarters, these record results are mainly attributable to the cranes business in Europe. High-capacity utilization in the product groups and increases in revenue and earnings in North and South America also contributed to positive development. "By rigorously implementing our strategy of innovation, internationalization and diversification we are on the right track to successfully continue our course of profitable growth," commented Wolfgang Anzengruber, CEO of PALFINGER.
With consolidated net profit for the period of €41.8 million (Q1-Q3 2005: €37.6 million), earnings per share reached €4.74. Thanks to positive performance, the company's equity ratio rose to 57.1% at balance sheet date.
Compared to the previous-year period, investment in property, plant, and equipment increased to €13 million (Q1-Q3 2005: €10 million). Necessary additions to capacity and rationalisation investments, owing to full-capacity utilization, were decisive factors in this increase.
The segment Europa and rest of the world remains the strongest segment. In the segment North and South America, revenue rose by 16.9% from €47.8m in the previous-year period to €55.9 million. Once more, revenue increases were attributable to successful sales-development in North America, and appreciation of the Brazilian Real.
The cranes segment is still marked by demand for higher-performance classes and high-grade fittings. Sales development of epsilon in Europe was also highly positive. In the hydraulic systems and services segment, revenue increased by 17.1% from €109.5 million to €128.3 million compared to the previous-year period. There was a slight increase in EBIT to €-3.7 million (Q1-Q3 2005: €-3.8 million).
Based on the positive developments of the first three quarters, PALFINGER anticipates reaching its target of sustained, profitable growth for the 2006 financial year.
Besides measures to eliminate bottlenecks in materials supply, our focus during the next few months remains on implementing investments initiated to increase capacity and continually improve efficiency. The successful continuation of profitable growth is to be ensured in conjunction with developing existing potential in the weaker product areas in hydraulic systems.
For more information on this company:
PALFINGER - Military Truck Mounted Forklifts, Cranes and Hooklifts
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