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Palfinger reports strong financial results for 2017

Palfinger has announced record revenue for 2017, with the construction industry in Europe proving particularly strong.

The €1.47bn (US$1.73bn) that the company posted for the 12-month period was the highest ever recorded by the Austrian hydraulic lifting system manufacturer.

The positive results were particularly welcome for the company given the figures were set against the backdrop of significant and costly restructuring measures in North America and in its marine business.

At the Annual General Meeting on 7 March 7, 2018, the management board and the supervisory board will propose that a dividend of €0.47 (US$0.57) per share be distributed.

Summarizing the most noteworthy developments of 2017, Palfinger board member Felix Strohbichler said that 2017 “was a year of consolidation. Having made the largest acquisition in its history in 2016, the company took comprehensive measures, primarily in North America and in the marine business, to facilitate further profitable growth”.

“However, additional measures are required, especially in the SEA segment, in order to be able to profit from a future upswing,” Strohbichler added. “In 2017 we also set the course for the future by establishing our new vision and strategy.”

As the order backlog at the end of 2017 was very high, Strohbichler and the rest of the board members are optimistic regarding business performance in the coming 12 months.

“Due to short-term internal and external delivery problems, a significant order volume could not be completed by the end of 2017 and had to be postponed until 2018,” Strohbichler said.

“Even though the conditions predicted for 2018 harbor a great deal of uncertainty, from today’s point of view, we foresee that revenue in the 2018 financial year will reach a new record high.

“It is anticipated that the restructuring measures in North America will be completed in the first half of 2018; further measures in the marine business will follow. The changes already made in 2017, as well as additional changes, are expected to facilitate an extraordinarily high increase in earnings and thus also a record result.”

February 9, 2018

Written by James Allen


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