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Cargotec confident despite sales fall

Wednesday, 25 Jul 2018 ( #882 ) - Helsinki, Finland
News Story
Cargotec has reported falling profits for the first half of 2018. Sales fell by 2% to EUR1,589 million (USD1,858 million). However, orders rose 11% from the same period last year.

Despite the fall in earnings, Cargotec has reiterated its outlook published on 8 February 2018 and expects its operating profit, excluding restructuring costs, for 2018 to improve from 2017.

CEO Mika Vehviläinen notes that orders grew in Kalmar and Hiab in the second quarter and were 23% higher than in the comparison period. "Our sales were almost at the previous year's level, but restructuring costs had a significant negative impact on earnings per share. We proceeded according to our strategy in shaping our portfolio by divesting Kalmar Rough Terrain Center and Siwertell, both of which are outside Kalmar's core areas," he explains.

Vehviläinen cites Kalmar's agreement to deliver an advanced automation solution to Sydney, Australia as one of the highlights of the last quarter. "The order is particularly significant as it is the world's first fully automated intermodal solution for an inland terminal.

"In addition, Kalmar will deliver a unique digitalised container handling solution with fully autonomous equipment, software and services to Yara's Porsgrunn facility in Norway. The solution enables autonomous, cost-efficient and emissions-free operations of the Yara Birkeland container ship. These orders highlight the technical advancement of Kalmar's solutions and tell about the success of our investments in the automation development."

The CEO also hails his company’s sustainability achievements in the last quarter. "In May, we announced Kalmar's commitment to reduce emissions in cargo and materials handling operations by fostering eco-efficient technologies. According to the commitment, Kalmar's full offering will be available as electrically powered versions by 2021. We believe that our strong investments in eco-efficient technologies will give us a significant competitive advantage in the future, when both our customers and legislation increasingly require low-emission solutions."
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