Cargotec has said its orders increased by 101% year-on-year (YoY) in H1 2021 as it saw increased profitability and service orders despite “global logistics and supply chain challenges” affecting delivery times.
In a statement, the company said Q2 was “significantly” from the same time in 2020, as demand for solutions was further increased by global market recovery from the COVID-19 pandemic.
The global surge in container demand and an increase in construction activity have been the main drivers of growth, and the company expects business to expand further in H2 2021 and 2022.
Cargotec’s CEO Mika Vehviläinen said, “Our orders received more than doubled, reaching an all-time record of almost EUR 1.3 billion ($1.54 billion).
“A strong mobile equipment demand pushed Kalmar’s orders received to a record-high level of EUR 600 million ($708.6 million). Orders for Kalmar’s automation solutions remained moderate as customers continue to consider their larger investments carefully.
“Hiab’s demand remained exceptionally strong, with orders received reaching a record number for a third consecutive quarter. MacGregor’s orders received increased by 41% from the comparison period as shipbuilding recovered in both merchant ship and offshore sectors.
“Our sales increased by 13% from the comparison period, although global logistics challenges and component shortages in the supply chain have extended our delivery times and limited our ability to meet the increasing demand.
“The economic recovery from the pandemic is also reflected in the prices of raw materials, components and freight transportation. We are prepared to respond to the situation with price increases and active cooperation with our suppliers.
“Challenges in the supply chain and the related price increases mainly affected Kalmar’s results. Cargotec’s comparable operating profit increased by 41%, driven by higher comparable operating profit in Hiab.
“Comparable operating profit increased also in MacGregor while Kalmar’s comparable operating profit was at the comparison period’s level.”