Strong 2023 so far for Cargotec
21 November 2023
Cargotec posted a strong increase in sales of 18 per cent across the group for the first three quarters of 2023. Total sales were €3,375 million, up from €2,850 million in the same period of 2022.
In the Hiab hydraulic loader crane division business was affected by customers delaying purchasing decisions due to high inflation and interest rates, plus longer truck chassis delivery times. In the third quarter Hiab sales were up 11 % to €420 million.
Macgregor’s offshore crane and material handling equipment business was also up in Q3, by 31 %, to €179 million.
In the Kalmar port crane and container handling business sales were down, by 4 %, to €503 million. Operating profit, however, improved by 41 % to €71 million.
From the president
Commenting on the performance Casimir Lindholm, Cargotec president and CEO, said, “In the big picture, the third quarter was a continuation of the first half of the year. We are operating in an increasingly complex business environment due to geopolitical uncertainty, high interest rates and low consumer confidence.
“With larger investments in particular, we saw our customers postpone their investment decisions. Our orders received decreased to €914 million, a 20 per cent decline from the comparison period, Lindholm continued.
“Our operational execution was at a good level and sales increased [in the third quarter] by 6 per cent to €1,102 million… Driven by higher sales and successful management of inflationary pressures and costs, our comparable operating profit improved by 48 per cent to €131 million,” Lindholm concluded.