Double digit rise at Cargotec in Q1 2014

Sales were up 11 % in the first quarter of 2014 at loader, dockside and marine crane manufacturing Group Cargotec. The first quarter 2014 sales figure was €751 million, up from €679 million in the first quarter of 2013.

Operating profit was also higher for the first quarter of 2014 in the Hiab and Kalmar divisions. Net income for the period doubled from €6.4 to 12.9 million.

Mika Vehviläinen, Cargotec president and CEO, said, “During the first quarter, market activity was good and, especially in MacGregor, the order intake continued healthy. We are delighted to note that the € 40 million profit improvement programme currently being implemented in both Kalmar and Hiab is beginning to yield positive results. Hiab’s first-quarter profitability was at its highest in several years. Kalmar’s performance also continued to improve, but we are disappointed with the cost overruns in one ship-to-shore crane project sold in 2012.

“MacGregor’s operating profit was weak due to low delivery volumes for merchant ships, the relative growth of the offshore business, and acquisition costs. However, we believe that MacGregor’s profitability will improve in the forthcoming quarters. We will continue our determined efforts to improve our profitability and I expect positive results this year.”