Business expansion in EMEA, Americas and China contributes to earning reaching $471.6m
Mobile hoists and loading cranes major Palfinger has announced record revenues for the first quarter of the year, reporting a year-on-year rise of 8.9% to $471.6m.
The company also said that operating profits were at a satisfactory level, with EBITDA increasing 6.2% to $64.6m.
The company’s Land segment revenue increased by 13.6% year-on-year to $404.1m, while the segment’s normalised EBITDA grew to $69.8m, an increase of 13%. The EBITDA margin of the segment decreased marginally from 17.4% to 17.3% in the first quarter of 2018, Palfinger announced.
The growth in the Land segment was based on significant business expansion in the EMEA and Americas regions. In Europe, the acquisition of the Danish distribution partner, Palfinger Danmark, in early 2017 led to god growth while gains were also recorded in North America. Expansion continued in China through a partnership with Sany while in the company said it managed to grow in the Russia/CIS despite economic challenges
A spokesperson for the company said: “The development of operating profitability shows us that we are on the right track to achieve and sustain our goals. From today’s perspective, not least due to our full order books, the financial year 2018 may well be another record year in terms of revenue and operating profitability.”
In the company’s Sea segment business remained challenging as a result of the strained situation in the oil & gas industry, said Palfinger. First quarter revenues in the segment decreased this year to $67.4m, a fall of 12.7%. The contribution of the segment to Palfinger’s consolidated revenue shrank from 17.9% to 14.3%. The segment’s normalised EBITDA fell from $2.51m to $1.07m and the margin stood at 1.6%, compared to 3.3% in the first quarter of 2017.