Cargotec sales up in Q4 but down overall

Sales at Cargotec, a group that includes crane makers Hiab, MacGregor and Kalmar, increased 3 % in the last quarter of 2013 to €914 million, up from €890 million in the fourth quarter of 2012. Sales for the full year 2013, however, were down 4 %, from €3,327 million in 2012 to €3,181 million.

Orders received, however, was up strongly, in both periods. In the final quarter, orders received increased 35 % to €958 from €710 million in the same period a year earlier. For the full year orders were up 8 %. Order backlog at the end of 2013 was €1,980 million, down slightly from the €2,021 million a year before. Also slightly down in the final quarter, however, was operating profit, excluding restructuring costs, at €38.6 million from €39.9 million, or 4.2 instead of 4.5 % of sales.

Commenting on the figures, Mika Vehviläinen, Cargotec president and CEO, said, “despite our many achievements, 2013 was financially disappointing. However, it was pleasing during the fourth quarter to see the amount of orders received increase, while cash flow continued to strengthen from the third quarter.

“Our main target is to improve our profitability. During 2013, a great deal of work was done in developing our strengths. Although much remains to be done, I expect our efforts to bear fruit this year and also to be reflected in the results.”