Half Year 2024 Palfinger AG Earnings Call Transcript
Key Points
- Palfinger AG (PLFRF) reported strong profitability despite a slight decline in revenue for the first half of 2024.
- The company successfully opened a new site in Löbau, expanding its working platforms and aligning with its 2027 growth strategy.
- Palfinger AG (PLFRF) maintained its solid number one market position, particularly in loader cranes and other lifting solutions.
- The North American market showed significant growth, driven by new product launches and increased profitability, especially in service cranes and truck-mounted forklifts.
- The marine segment experienced around 30% sales growth, contributing significantly to profitability with increased service and offshore crane sales.
- Order intake remained low, particularly in the European markets, due to a weak construction industry and high inventory levels.
- The EMEA region faced reduced capacity utilization and lower profitability due to a challenging macroeconomic environment.
- High inventory levels persisted, especially in Germany, Spain, and the USA, posing challenges to reducing stock by the targeted EUR50 million.
- The order book decreased by 22.6% compared to the previous year, indicating potential future revenue challenges.
- The company anticipates a decline in revenue and profitability in the second half of 2024, particularly due to reduced capacity utilization and increased personnel costs in Europe.
Yes. Good morning, everybody, here from Austria and welcome to our first half-year results presentation. I'm very happy to report again strong results for the PALFINGER AG in the first half of 2024. We managed to increase our profitability despite lower revenue. We'll see the numbers in a couple of minutes presented by our CFO, Felix Strohbichler.
What we as well see is still a continued low order intake, especially in European markets, which is still mostly driven by the construction business and as well still ongoing high inventories in our network.
If you go to the next slide, I also wanted to mention some significant events in the first half of 2024. First of all, we managed to open the site in Löbau, which is a further expansion in our working platforms, which is addressed in a way that we can further grow our business here significantly in future. It's a part of the plan and the strategy of 2027.
As well, what we did, we acquired here a land in Madrid to set up here our new sales and
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