Palfinger AG, an Austrian manufacturer of technology and machinery, announced on Friday that its first-half consolidated net result increased by 7.9% to €68.3 million, up from €63.3 million in the previous year.
Earnings before interest and taxes (EBIT) saw a modest rise of 0.8% to reach €112.2 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a slight decline of 0.9% to €156.4 million.
The EBIT margin improved to 9.5%, compared to 9.2% last year.
Despite these gains, revenue fell by 3.3% to €1.18 billion from €1.22 billion last year, affected by geopolitical uncertainty and a challenging market environment in European core markets.
However, the company noted strong performance in North and Latin America, Asia, and the Marine sector.
Looking forward, Palfinger AG anticipates a weaker second half of the year due to the difficult market conditions in Europe.
For the full year 2024, the company expects a slight revenue decline compared to 2023’s revenue of €2.45 billion. The EBIT forecast is up to 20% lower than last year's €210.2 million.
Furthermore, the company has set a target for 2027 to achieve €3.0 billion in revenue, with an EBIT margin of 10% and a return on capital employed (ROCE) of 12%.
