Cargotec up 6% in 2012

Sales at Cargotec in 2012 were up 6% to €3,327 from €3,139 million in 2011. A favourable currency exchange rate effect improved sales by 4% over the previous year, the company said. Sales grew in the Kalmar and Hiab segments while at MacGregor they were lower than the previous year. Services sales increased 3% in 2012, to €765 from €739 million. Cargotec’s target is for annual sales growth to exceed 10%. By geography, EMEA represented 40% of consolidated sales, Asia-Pacific 35% and the Americas 24%.

Operating profit in 2012 fell 37% from the year before to €131.0 million, down from €207.0 million in 2011. The figure includes €26.2 million in restructuring costs. Hiab’s operating profit and operating profit margin improved from the previous year. Operating profit at MacGregor declined while “the margin continued at the expected strong level,” Cargotec said. Kalmar recorded weaker operating profit and “the margin was weakened by cost overruns on large projects, investments in automation technology and the service business’ lower share of sales,” Cargotec said.

In the Hiab load handling segment 2012 sales were €840.0 million, up 9% on the €769 million in 2011. Operating profit was down, at €16.9 from €20.6 million in 2011, as a result of a €10.4 million restructuring cost. The sales and distribution network in various countries globally and restructuring and capacity adjustments were made in Hudiskvall, Sweden. Excluding these restructuring costs would mean that operating profit grew to €27.2 million.

Orders continued to grow strongly in the Americas but demand in Europe weakened as a result of continued economic uncertainty, Cargotec said. Looking ahead, Cargotec sales are expected to be slightly below 2012 and operating profit, excluding restructuring costs, is forecast to be at the 2012 level. The target is to raise the operating profit margin to 10%.