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Cargotec Posts Solid 3Q Growth

Hamburg harbour Cargo terminal.
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Cargotec, the parent company of Kalmar and Navis among others, has reported an increase in its profits in the third quarter of 2019.

In a statement, the company said its comparable operating profit was US$75.9 million, an increase of approximately 18% on the same time period in 2018.

Sales increased by 12% and service sales increased by 13% across the board, as it made an operating profit of $64.3 million in the first three quarters (January – September) of 2019.

While the number of orders it received fell from the third quarter in 2018, it remained steady throughout the first three quarters and in that time period posted no tangible change when compared to 2018.

Cargotec’s growth was largely carried by Kalmar and Hiab, which grew by 24% and 41% respectively when compared to the third quarter of 2018.

Furthermore, it said it reiterates its outlook published in February 2019 which forecasted an increase on its full year operating profit from 2018.

Mika Vehvilainen, Cargotec’s CEO, said he was happy at the company’s third quarter performance.

“I am pleased with the good development that continued in Kalmar and Hiab in the third quarter. Kalmar’s comparable operating profit increased by 24 percent and Hiab’s by 41 percent.

“Our actions to solve Hiab’s supply chain challenges which we started earlier this year proceeded as well.

“Our service and software business progressed according to our plans. Service orders received increased by four percent, while service sales increased by 13 percent. Software sales grew by 11 percent.

“The sales of our services and software business was about 1.2 billion euros during the last 12 months, which is in line with our strategic target of 1.5 billion euros.”

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