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Palfinger reports strong half year results despite COVID-19

Palfinger has reported a strong financial result for the first half of 2020 despite a challenging and crisis filled year.

The company’s revenue amounted to around $1.2 billion (EUR 729.8 million) in the first half of 2020, compared to around $1.47 billion (EUR 893.4 million) for the same period in the previous year. The represents a drop of around $270 million (EUR 163.6 million), or 18.3 per cent.

EBITDA fell by 29 per cent compared with the first half of 2019 to $140 million (EUR 84.8 million).

The COVID-19 pandemic and global recession directly impact the 2020 half-year revenue of Palfinger. April and May especially were characterised by supply chain disruptions, national lockdowns and plant closures. A slight recovery was seen from June onwards.

Palfinger CEO Andreas Klauser said the company quickly and efficiently implemented measures to optimise liquidity maintain supply chains and ensure the health of its workforce.

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“In an extremely uncertain market environment with low visibility we have given our employees, partners and customers maximum stability and reliability,” Klauser said.

The COVID-19 Task Force set up at the end of February carried out a total of 220 measures for proactive management in three work packages – Health and Safety, Production and Operations Management and Liquidity Optimisation.

Palfinger’s actions to counter the crisis and structural reforms have been considered successful and will continue in the second half of the year.

“Markets are stabilising, visibility is improving. The recovering European economy increases demand: The order book of Palfinger AG is now pretty much as it was at the end of 2019. Provided there are no further external shocks, management is aiming for revenue of EUR 1.5 billion overall in 2020,” Klauser said.

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