Cargotec reports record quarter

29 July 2022

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In its half-year 2022 financial report cargo handling solutions and services supplier Cargotec reports a record quarter between April and June.

It reports that received orders increased by nine percent, totalling EUR 1,390 million. That takes the company’s order book to EUR 3,596 million at the end of the period, up from 2,847 million at the end of 2021.

Cargotec also reports its sales increased by 12 percent, totalling EUR 959 million and service sales increased by 13 percent, totalling EUR 303 million. Service sales represented 32 percent of consolidated sales.

In the wider context, Cargotec has seen orders received increase by 6 percent over the January to June period and sales increase by 14 percent.

Cargotec’s CEO Mika Vehviläinen said the record quarter demonstrated the progress of the company’s refocused strategy. “Our personnel did an excellent job in a challenging operating environment, making our good performance possible,” he said. “Despite the cost level increases, our margins have remained at a good level which demonstrates our business agility and effective pricing. We again made price increases required by the market situation during the second quarter and continue to monitor the situation. The success was particularly prominent at Hiab, which reached record high sales and comparable operating profit in the second quarter.

“We published our refocused strategy during the previous quarter. We have progressed determinedly with the strategy, taking the first important steps on it. In May, we announced plans to combine the strategic business units Kalmar Mobile Solutions and Kalmar Automation Solutions. After the reporting period, we announced that Kalmar and Rainbow Industries Co. Ltd. (RIC) have entered into an agreement whereby Kalmar would transfer heavy cranes’ related intellectual properties and assets to RIC in China. The agreement would strengthen Kalmar’s strategic transfer to focus on offering industry shaping, eco-efficient cargo handling equipment. Further, Kalmar continues to offer crane automation and crane related services for its customers globally.”

Cargotec anticipates the third quarter sales mix to be slightly weaker than in the second quarter as it finds business in the third quarter to be typically less active than in the second.

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