29.04.2010

Strong order pick up at Hiab/Kalmar

The Industrial & Terminal division of Cargotec, which comprises Hiab loader cranes and Kalmar reach stackers, has reported first quarter revenues of €314 million - 31 percent lower than for the same period last year.

The sales fall came out of the lower order book at the end of the year the new machinery directive and lack of a new EN standard also had an impact on shipments. More positively the company’s order intake picked up, rising 15 percent to €415 million as the market for loading equipment continued to improve.

The division’s order book at the end of the quarter was €637 million 17 percent higher than at the same point in 2009. Europe represented 42 percent of revenues, the Americas 18 percent and Asia 40 percent,

The Marine division revenues increased 11 percent to €241 (218) million, while the company as a while recorded revenues of €555 million 18 percent down on last year.

In terms of operating income, Industrial & Terminal reported a loss of €7.3 million compared to a profit in the same period of 2009 of €5.6 million. Without restructuring costs the division made €1.6 million compared to €8.1 last year.

The Marine division saw profits more than double to 34.1 million. Cargotec as a whole posted a pre tax profit of €6.1 million compared to €900,000 for the first quarter of 2009.

Vertikal Comment

While the bottom line for Hiab and Kalmar is not good the underlying news is very positive and is another indicator for steady recovery. The loader crane market was one of the first to suffer when the slow down began to bite in the second half of 2008. Hopefully it is now an early indicator of a return to growth.