Cargotec received orders of US$963 million in the third quarter, which was influenced by delayed client decision-making. In Q3, sales climbed by 6% and totalled US$1.16 million.
Furthermore, at the end of the period, the order book was US$3.23 million. The operating profit was US$147 million, representing 12.7% of sales. The operating profit includes US$9.5 million in items influencing comparability. Comparable operating profit climbed by 48% to US$138 million, accounting for 12% of sales.
Actions were planned to target US$53 million in costs. Furthermore, with the anticipated separation of Kalmar and Hiab proceeding as planned, Pekka Ala-Pietilä will be no longer available as the proposed Chair of the standalone Kalmar Board due to personal reasons.
According to a statement, beginning 1 January 2023, Cargotec changed the definition of the alternative measure of performance comparable to operating profit. The effects of the acquisition price allocation, which amounted to US$17 million in 2022, will also be included in the restated comparable operating profit.
These items totalled US$1 million for Kalmar, US$3 million for Hiab, and US$13 million for MacGregor. Additional information on the changed definition is presented in the stock exchange release on 4 April 2023.
“In the big picture, the third quarter was a continuation of the first half of the year. We are operating in an increasingly complex business environment due to geopolitical uncertainty, high-interest rates and low consumer confidence. With larger investments, in particular, we saw our customers postpone their investment decisions. Our orders received decreased to US$963 million, a 20% decline from the comparison period. We kept harvesting on our large order book collected in the past two years when the order intake was exceptionally high,” stated Casimir Lindholm, Cargotec’s president and CEO.
