Cargotec performs strongly

News Story
- 27 Oct 2022 ( #1100 ) - Helsinki, Finland
2 min read
CEO Mika Vehviläinen
CEO Mika Vehviläinen

Cargotec has reported record profits for the first three quarters of the year, with increased orders in all business areas.

The company’s latest results include order increases of 16% for the last quarter and 9% since the start of the year.

Sales rose 27% for the quarter and 19% for the nine months.

Cargotec CEO Mika Vehviläinen notes “record results in comparable operating profit, order book, sales and services sales”.

“Our third quarter comparable operating profit was an all-time high, and the combined comparable operating profit for the three first quarters was as much as EUR12 million (USD13 million) higher than the whole of last year.”

Vehviläinen says orders received increased in all businesses. “Our order book reached yet another record, increasing by 38% from the comparison period and 4% from the previous quarter.”

However, he notes that component shortages, delays in truck deliveries and global logistics challenges limited the group’s ability to fully respond to demand.

“The general cost increases are affecting us as well, but we have mostly been able to transfer the increased costs to our prices,” he explains.

The CEO stresses that Cargotec has been executing its refocused strategy for six months. “Going forward, we will focus on sustainability and profitable growth in Hiab and in Kalmar mobile equipment and exit from Kalmar’s heavy cranes business. 

“We announced in July that Kalmar is planning to transfer heavy cranes-related intellectual properties and assets to Rainbow Industries Co. Ltd. in China. The process is at its final stages with the transfer of the last assets presently ongoing.”

Cargotec, he says, has also evaluated its operating model and will increase the independence of its business areas even further. Tasks related to sourcing and information management are planned to be transferred from the group level to businesses, he says. 

He notes that Cargotec’s centralised work in the field of digitalisation has been successful and will also be transferred to the business areas in its entirety. 

“Increasing the independence of the business areas speeds up decision-making and our operational capabilities, and improves our customer centricity even further,” he explains.

In another strategic move, Vehviläinen says the company is continuing its evaluation of a possible sell-off of the MacGregor business.

Labour challenges loom in 2024
Labour challenges loom in 2024 28 Dec 2023 - 10 min read
Haulotte posts record half-year results
Haulotte posts record half-year results 14 Sep 2023 - Lorette, France - 1 min read
Manitou, Palfinger post record 1H results
Manitou, Palfinger post record 1H results 3 Aug 2023 - Ancenis, France - 3 min read
Previously about:
Montevideo orders 20 Kalmar hybrid straddle carriers News Story - 18 Jan 2024 - Montevideo, Uruguay - 1 min read
Wallenius Wilhelmsen places order with Kalmar News Story - 11 Jan 2024 - Oslo, Norway - 1 min read
Labour challenges loom in 2024 News Story - 28 Dec 2023 - 10 min read
Do you have materials handling news? Submit your news here

Showcased in the Virtual Expo

Seeking Ambitious Dealers Globally. Your chance to join a leading heavy machinery brand. Exclusive territories await!

Exclusive Territories Available. Join SOCMA's leading innovation in heavy machinery. 

Partner for success. Enjoy comprehensive support and impressive profit potential.

Contact us now - +86 153 050 495 72 - www.socma-forklift.com 

Words of support …

I know I can count on them. They give valuable suggestions on the campaign planning, and to publish content is as easy as abc, as they take care of the material layout and check links. This is a great support.

Annalisa Castellini, Marketing Manager - Bolzoni S.p.A.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

We are over the moon to report that Forkliftaction's average web traffic for 2023 grew by a HUGE 58% when compared to 2022.

With our new average of +1,000,000 web visits per month, there's nothing we can't  achieve together in 2024!

To learn how Forkliftaction can support your brand's growth: DOWNLOAD THE MEDIA KIT

PREMIUM business

Hawker Powersource, Inc.
HAWKER® offers a range of hybrid motive power solutions customized to adapt as your operation's needs change.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Seeking Ambitious Dealers Globally. Your chance to join a leading heavy machinery brand. Exclusive territories await!

Exclusive Territories Available. Join SOCMA's leading innovation in heavy machinery. 

Partner for success. Enjoy comprehensive support and impressive profit potential.

Contact us now - +86 153 050 495 72 - www.socma-forklift.com