19.01.2009

Cargotec revenues up 13%

Cargotec, owner of Hiab loader cranes, Kalmar reach stackers and MacGregor ship cranes and hatch covers has issued its preliminary results for 2008.

Revenues will be in line with expectations at €3.4 billion, 13 percent up on 2007. Order intake during the year was €3.8 billion. The company says that operating profit will fall short of earlier estimates at around 5.7 percent of sales (in September it forecast 6.3%). This it says, is due to Kalmar’s margin for the full year falling below six percent. This morning the company announced further restructuring at the Kalmar division.

The Kalmar results for the fourth quarter were negatively affected by several issues uncovered at the year-end closing. These include inventory revaluations, additional provisions that need to be made for deliveries as well as earlier unforeseen costs realised in the fourth quarter.

The above results do not include restructuring costs, Cargotec says it will book around €19 million of the €35 million it has announced, in the fourth quarter.