Cargotec’s annual financial results highlight notable developments in the company’s performance over the previous year.
The review shows that the comparable operating profit margin improved during the year. Orders received grew by 3%, reaching a total of US$1.565 billion, compared to US$1.52 billion in the previous year. However, the order book declined, amounting to US$672 million at the end of the period, down from US$828 million as of 31 December 2023. Furthermore, sales experienced an 8% decline, totalling US$1.7 billion compared to US$1.85 billion in the prior year.
Despite the drop in sales, the operating profit remained steady at US$225 million, slightly down from US$227 million in 2023, but the operating profit margin improved to 13.2%, up from 12.3%. Profit for the period also showed a modest increase, reaching US$160 million, compared to US$158 million in the previous year.
Looking ahead, Cargotec projects that the comparable operating profit margin for its continuing operations in 2025 will exceed 12%. This projection is slightly below the 13.2% achieved in 2024 but reflects confidence in maintaining strong profitability levels.
Cargotec’s President and CEO Casimir Lindholm stated: “Cargotec’s transformation will be finalised this year, when we close the sale of MacGregor and Hiab will continue its growth and development as the remaining standalone part of the group. Hence, the Board is proposing to Cargotec’s Annual General Meeting of shareholders that the company’s name would be changed from Cargotec to Hiab with an effective date of 1 April 2025.
