15.10.2013

Cargotec cuts expectations

Cargotec, owner of Hiab, Kalmar and Macgregor crane and reach stackers, has cut its full year guidance again.

The company says that the reduction in its second half forecasts are largely due to “continued slippage in merchant ship deliveries causing MacGregor’s sales and operating profit for the second half to be lower than expected.” It does though point out that the underlying market has continued to improve. Another reason has been on-going cost overruns with some Kalmar ship-to-shore crane projects.

The net result will be lower revenues and profits this year than last. In the third quarter revenues were €752 million taking nine month revenues to €2.26 billion – seven percent lower than last year, while operating profits are said to be 35 million.