Cargotec sales up 5%, profit down

Sales in the third quarter of 2012 at Cargotec were up 5% to €794 million (US$ 1.024 billion) from €753 million (US$ 971 million) in the same period a year earlier. Operating profit was down 29% at €38.5 million (US$ 50 million), representing 4.9% of sales instead of 7.2% in the third quarter of 2011.

Sales for the year to date (first three quarters of 2012) were also up 5%, to €2.437 billion (US$ 3.144 billion).

Cargotec’s outlook for 2012 is that the operating profit margin in 2012 will be around 5%, excluding non-recurring costs, and sales are forecast to grow from 2011.

“Major restructuring has been launched in Cargotec, in order to improve profitability. In the future, each business area Marine, Terminals and Load Handling will include services and operate more independently than before. This operating model will also support Marine’s preparations for its listing in Asia. Business areas will be named after their industry leading brands MacGregor, Kalmar and Hiab. Through these changes, we are seeking to improve our efficiency and reduce fixed costs,” said Tapio Hakakari, Cargotec interim president and CEO.