Key takeaways of Palfinger :

Key objectives of the Palfinger strategy include the continuation of the internationalization and an expansion of the global market position by innovation, the completion of the product portfolio and acquisitions (in Marine). Profitability is expected to increase as a result of the concluded restructuring measures, synergies related to global networking and improvement in internal processes.

Business outlook:

2017 will be the 9th record year in a row in terms of sales and earnings. Based on the good order situation and the strong sales growth in 1H17, Palfinger is targeting for 2017 sales and adj. EBIT margin improvement despite the challenging integration of Harding.

Points of interest:
1) Margins in the Land segment are offering upside potential: Profitability of the business in North America (currently 4-5% margin) will increase considerably following the conclusion of restructuring by end-2017. 2) Palfinger expects good growth for the Sea business in upcoming years (cycle delayed 1-2 years vs. Land business) and clearly positive FY18 results given the improved cost position (“10% margin possible in 3 years”).