April 5, 2024 - The Switzerland-based Liebherr Group achieved record revenue of more than $15.2 billion in 2023, 11.5 percent higher than it attained in 2022.

More than $10.3 billion of Liebherr’s 2023 revenue was generated by its earthmoving, material handling technology, deep foundation machines, mobile and crawler cranes, tower cranes, concrete technology and mining product segments.

Liebherr’s global operations in those product segments include a regional corporate headquarters, warehouse and workshop in Newport News, Virginia.

Liebherr says revenue in its heavy equipment sector climbed by 11.6 percent in 2023 compared with the prior year.

Photo courtesy of the Liebherr Group

Nearly mirroring its overall 2023 gains, Liebherr's revenue in its heavy equipment sector climbed by 11.6 percent last year compared with the prior year.

Other product segments in which Liebherr has a presence include maritime cranes, aerospace and transportation systems, gear technology and automation systems, refrigerators and freezers, various components and hotels. Sales in those sectors rose by 11.3 percent last year compared with 2022.

“Business saw positive growth in virtually all sales regions,” the company says. “A satisfying revenue increase was registered in the European Union, which has traditionally been the group’s strongest sales region. Revenue in Germany, France and Spain recorded particularly positive growth [in 2023]."

The equipment maker says results in 2023 also were extremely encouraging in North America—driven by the United States and Mexico—as well as in Asia and Oceania. "Revenue in the Africa, Near and Middle East region was also well above the previous year’s level. In Central and South America, revenue remained at the previous year’s level," the company says.

Regarding profitability, Liebherr's net income was about $398 million last year, which represents improvement from the 2022 figure.

Among activity in its product lines, Liebherr says it is pursuing an approach that "embraces new technology” that includes electric drives, alternative fuels for conventional combustion engines and hydrogen-based drives, such as hydrogen combustion engines and hydrogen fuel cells.

Last year witnessed the sale of the first battery-electric Liebherr wheel loader, the L 507 E model, and the first delivery of the new LH 80 M High Rise electric material handling machine.

In 2023, Liebherr says it invested more than $1.1 billion into its production sites and its global distribution and service networks.

At the site in Newport News, Liebherr has invested in the production of mining trucks in part by expanding the existing production hall, with its expansion work in Virginia scheduled to be completed by the end of 2025.

Regarding the year now underway, Liebherr states, “Economic conditions will remain challenging in 2024, however Liebherr has started the current business year with a very solid volume of orders. The group anticipates growth in the U.S. and Australia.”

A full 2023 annual report prepared by the Liebherr Group can be found here.