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Cargotec profit warning

Hiab and Kalmar owner Cargotec has reduced its full year profit forecasts due to developments at Hiab and MacGregor.

The company’s latest forecast is that operating profits will come in at between €235 and €245 million. It had previously said that it expected profits to come in above last year’s profits of €258.6 million.

The reduction is due to lower profits at Hiab and MacGregor resulting from ongoing bottlenecks in component supply and new manufacturing equipment installation, both of which have restricted capacity growth and delayed shipments leading to longer lead times for some Hiab models, and a less profitable product mix. The component shortages have also caused inefficiency and higher assembly costs.
Order intake as Hiab have though continued at a high level throughout the fourth quarter.