03.02.2011

Cargotec spikes up

Cargotec, owner of Hiab loader cranes and Kalmar reach stackers saw order intake jump 52 percent in the fourth quarter as activity for both brands improved.

Cargotec no longer reports Hiab or Kalmar individually, having merged them into the Industrial and Terminal division. The division reported revenues for the full year of €1.53 billion, three percent below 2009, order intake over the same period improved 34 percent to €1.69 billion. Operating income was €37.1 million compared to a loss last year of €10.3 million.

The quarter was even more positive with revenues rising 29 percent to €471 million, while order intake climbed 52 percent to €462 million. The company says that it is expecting the growth to continue and anticipates a sales increase during 2011 of at least 10 percent.

The group as a whole which also includes the Marin division – largely MacGregor ship handling equipment, saw revenues for the year come in at almost the same level as last year at €2.58 billion while pre-tax profits €131.4 million compared to just €300,000 in 2009.

Chief executive Mikael Mäkinen said: "For Cargotec, 2010 was a year of new beginnings. Measures aimed at unifying our organisation began to bear fruit. While the positive development in the market environment continued into the fourth quarter, it was particularly gratifying to see also Terminal customers begin to decide on major projects. Orders received, sales and operating profit for the final quarter clearly grew year-on-year.”

“The success of our efficiency measures is demonstrated by the rise in our operating margin for the entire 2010, to 5.5 percent before restructuring costs. This provides a good platform for continuing towards our strategic target of 10 percent. In line with our revised strategy, during the autumn we began to develop our operations from our customer segments' perspective. We have now taken the first step by announcing on-going acquisition of Navis. With Navis, we can provide our customers with new types of comprehensive solutions."