Palfinger down in Q1

A decline in sales has been posted by Palfinger, a leading manufacturer of hydraulic cranes, aerial work platforms and materials handling equipment.

It is the first decline reported by the Austria-headquartered company in many years. Sales revenue was down 10.8 percent to €393.2 million, from €440.9 million in the first quarter of 2019. EBITDA was €50.3 million, down 17.9 percent on the €61.2 million of Q1 2019. The EBIT margin went from 9.7 to 8 percent.

Palfinger attributed the fall to a decline in revenue from the forestry business in Russia and Europe.

The latest figures follow years of consecutive record sales growth.

The company’s annual general meeting has been rescheduled for 5 August as a result of the impact of the coronavirus Covid-19 pandemic. A lower dividend than previously proposed is anticipated. In outlook further declines are expected in demand and in production over the rest of 2020.