Cargotec sees sales and profits fall in Q3

Cargotec's profits fall year-on-year

Cargotec, the parent company of Kalmar and Navis among others, said its sales and comparable operating profit improved from Q2 but declined year-on-year (YoY), according to its Q3 interim report.

The company said it expects operating profit for H2/2020 to increase on H1/2020 as it continues to recover from the uncertainty created by the COVID-19 pandemic.

Orders decreased by 14% YoY, as did product sales. Service sales also fell by 9%, but comprised 36% of the company’s total sales when combined with software.

The company’s operating profit decreased by 17% YoY in Q3. Between January-September it decreased by 67% and net profit fell by 98% in the same time period.

Cargotec’s CEO Mika Vehviläinen said this in a statement: “Even in an exceptional operating environment, Cargotec’s strategic direction has proved to be the right one and yet again we managed to make a reasonable result despite the pandemic situation.

“Visibility was still weak at the beginning of the third quarter but the recovery in the market environment that started after April eventually continued throughout the third quarter.

“Our delivery capability returned back to normal during the quarter, and the same goes for our supply chain.

“On the other hand, the data collected from our connected equipment tells us that the activity levels of our customers have been rising closer to last year’s levels.

“In addition, for example Drewry’s statistics on the number of containers handled in ports show that the reduction has so far proved to be less dramatic than what the forecasts predicted.”

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