Strong start for Palfinger

Austria: Loader crane manufacturer Palfinger has reported strong 2006 first quarter results. Revenue rose by 15.1% to $180 million compared to the same period 2005, and EBIT (earnings before interest and taxation) increased to $22.5 million from $21.6 million in the same period last year, equivalent to an EBIT margin of 12.5%. Consolidated Q1 net profit was $15.7 million compared to $16 million in 2005.

The company said the strong figures were due mainly to crane sales in Europe and increased production. “Record revenue achieved is the result of the rigorous implementation of our internationalization, diversification, and innovation strategy. We are expecting profitable growth and record revenue for 2006 as well,” said Wolfgang Anzengruber, Palfinger CEO.

Palfinger reported strong sales in the North and South American markets, where revenue increased 17.4% to $18.4 million. Sales successes in the cranes segment in North America and the appreciation of the Brazilian Real resulted in positive EBIT of $0.25.

An area of profitable development in Europe came from a shift in demand to higher performance and higher grade knuckle boom cranes. European sales of the Epilson range, typically used for logging and scrap handling, also contributed to growth, the company said.