Hiab profit rises, despite order drop

Operating profit for January-September stood at €106.4m, up €37.8m year-on-year.

Hiab’s orders received decreased 8% year-on-year in Q3 to €220m, while the company recorded a 2% year-on-year increase in orders received for the period January-September.

Hiab’s third-quarter sales grew 9% from the comparison period, reaching €250m. January–September sales rose 15% year-on-year to €779m.

Cargotec’s CEO Mika Vehviläinen, said: “Hiab’s strong development continued during the third quarter and profitability improved compared to the previous year. Hiab’s core business orders were at a good level, but we did not receive any big defence industry orders as we did during the comparison period.”

During the third quarter of 2016, Hiab launched a new spare parts web shop and extended the general warranties of loader cranes. Hiab’s heavy cranes series was complemented with a crane designed to fit three axle-trucks, and the mid-range loader cranes range was renewed with 24 new or updated models.

A modular system feature was launched for loader cranes, providing customers with a pre-manufactured, ready-to-install sub-frame that matches the chosen truck and reduces crane installation time up to 75%. Additionally, the crane tip control - a feature that makes operating the crane easier - was launched for loader cranes.

Earlier in the year, Hiab presented two new forestry cranes, completed its R&D investment in Hudiksvall, Sweden, and launched the HiVisionTM 3D control system, with which crane operations can be controlled from the truck cabin. Hiab also launched a hooklift designed for repetitive loads, two new classes to its loader crane family and a mobile application for customers to easily locate their closest authorised service point.