27.07.2023

Positive first half for Konecranes

Finish port and overheard crane and handling manufacturer Konecranes has reported a strong first half and second quarter.

Total revenues for the first six months were €1.81 billion up 24 percent on the first half of 2022, while order intake increased at a more sedate pace of 9.3 percent, leaving the order book at a record €3.4 billion. Pre-tax profits were €149.7 million compared to €8.3 million this time last year - an 18 fold increase.

In the second quarter sales increased 16 percent to €913 million, while order intake was just one percent higher at €1.1 billion. Pre-tax profits more than doubled to €77.5 million.

Chief executive Anders Svensson said: “Konecranes’ second quarter financial performance was strong. Both orders received and sales grew year on year. Our all-time high orderbook of €3.4 billion and continued strong performance provide a solid foundation for reaching our new, ambitious financial targets.”

"Our Service’s order intake increased 4.7% and sales increased 17.1% , mainly due to volume growth and pricing. Industrial Equipment’s orders declined 2% while sales increased 19.7%. In Port Solutions, the market environment continued to be good. Order intake grew 5.7% and totalled €420 million. Sales increased 19.8% and it ended the quarter with a record-high orderbook of nearly €2.0 billion.”

“We reiterate our financial guidance for 2023. We expect our net sales to increase in full-year 2023 compared to 2022 and our full-year comparable EBITA margin to improve from 2022. Despite our continued good sales execution in the second quarter, material availability challenges are not over, and supply chains remain fragile.”

Vertikal Comment

Another good result from Konecranes which appears to be outpacing its most direct competitors, particularly in terms of order intake growth and backlog. The company was all set to merge with Cargotec’s Kalmar business, until it was called off last year due to regulatory challenges. Konecranes and Cargotec merger off

It looks as though it is doing very well on its own and is all set to have a good year and ought to be well set for 2024.