Cargotec's January-September 2013 interim report: operating profit margin and cash flow show positive signs

July-September 2013 in brief

    Orders received were at comparison period's level and totalled EUR 724 (719) million.

    Order book amounted to EUR 2,048 (31 Dec 2012: 2,021) million at the end of the period.

    Sales fell 5 percent to EUR 752 (794) million.

    Operating profit excluding restructuring costs was EUR 35.4 (39.0) million, representing 4.7 (4.9) percent of sales.

    Operating profit was EUR 31.2 (38.5) million, representing 4.2 (4.9) percent of sales.

    Cash flow from operations before financial items and taxes totalled EUR 38.2 (34.2) million.

    Net income for the period amounted to EUR 19.3 (24.9) million.

    Earnings per share was EUR 0.31 (0.41).

January-September 2013 in brief

    Orders received were at comparison period's level and totalled EUR 2,348 (2,348) million.

    Sales fell 7 percent to EUR 2,267 (2,437) million.

    Operating profit excluding restructuring costs was EUR 87.9 (117.6) million, representing 3.9 (4.8) percent of sales.

    Operating profit was EUR 77.3 (117.2) million, representing 3.4 (4.8) percent of sales.

    Cash flow from operations before financial items and taxes totalled EUR 47.0 (6.4) million.

    Net income for the period amounted to EUR 47.7 (80.3) million.

    Earnings per share was EUR 0.77 (1.30).

Outlook for 2013 (published 15 October 2013)

The sales and operating profit excluding restructuring costs for 2013 are expected to fall short of 2012.  

Cargotec's President and CEO Mika Vehviläinen:

Market activity continued to be positive during the third quarter and our orders reached the comparison period level, although at MacGregor we did not reach the previous quarter level. Our sales declined five percent, as the delivery volumes remained lower than in the comparison period's level, mostly due to slippages at MacGregor.

The profitability development in Kalmar and Hiab has shown positive signs during the year. Continued project cost overruns in Kalmar and lower profitability than expected earlier this year in MacGregor have disappointed us.

A significant number of measures are being taken to improve Cargotec's profitability. During the last quarter of the year, we will focus on fulfilment of deliveries and releasing working capital.
Source: Cargotec