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            october 18, 2019

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Busworld 2019

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Cargotec Q3 profit up 17pc, but down in 2018


Finland's Cargotec third quarter profit increased 17 per cent to EUR37 million (US$42.2 million), drawn on revenues of EUR805 million, which increased nine per cent year on year.
But in the first nine months of the year, the cargo handling machine manufacturer's profit fell 30 per cent year on year to EUR105 million, drawn on revenues EUR1.69 billion, an increase of 11 per cent.
Orders received grew in all business areas in the first nine months of 2018, said the Nasdaq-listed company.
"Good development in all Kalmar's key figures. Strong orders in Hiab, though operating profit declined and MacGregor's orders increased only slightly," the company said.
From July-September orders increased 23 per cent to total EUR921 million. Orders received grew in all business areas. The order book amounted to EUR1.8 billion at the end of the period.
Operating profit was EUR54.5 million. Operating profit excluding restructuring costs remained at the comparison period's level and amounted to EUR57.1 million.
"Cargotec reiterates its outlook published in February and expects its operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR258.6 million)," said Cargotec CEO Mika Vehvilainen.
"Our development continued to be strong in orders received, especially favourable to Kalmar, where the orders received were 38 per cent higher," he said.
"The decline in Hiab's operating profit was mainly caused by the weakening of the US dollar, product mix, costs related to supply chain, as well as investments in sales and service capabilities and digitalisation," he said.
"We will continue to work towards our vision 'Becoming the global leader in intelligent cargo handling'. As customer needs change, we will focus even more on the total lifecycle and comprehensive solutions," Mr Vehvilainen said.

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