Cargotec posts financial report for January–June 2019
Cargotec has announced financial report for January–June 2019.
Orders received decreased by 11 percent and totalled EUR 872 (981) million. Comparison period included a single order for Kalmar worth around EUR 80 million.
Order book amounted to EUR 2,072 (31 Dec 2018: 1,995) million at the end of the period.
Sales increased by 12 percent and totalled EUR 911 (816) million.
Service sales increased by 5 percent and totalled EUR 259 (247) million.
Service and software sales represented 33 (34) percent of consolidated sales.
Operating profit was EUR 53.0 (21.3) million, representing 5.8 (2.6) percent of sales.
Comparable operating profit increased by 12 percent and amounted to EUR 64.3 (57.2) million, representing 7.1 (7.0) percent of sales.
Cash flow from operations before financial items and taxes totalled EUR 41.4 (26.5) million.
Net income for the period amounted to EUR 29.0 (2.3) million.
Earnings per share was EUR 0.45 (0.03).
January–June 2019 in brief: Orders received increased
Orders received increased by 3 percent and totalled EUR 1,894 (1,844) million.
Sales increased by 11 percent and totalled EUR 1,767 (1,589) million.
Service sales increased by 5 percent and totalled EUR 508 (484) million.
Service and software sales represented 33 (34) percent of consolidated sales.
Operating profit was EUR 104.1 (74.5) million, representing 5.9 (4.7) percent of sales.
Comparable operating profit increased by 6 percent and amounted to EUR 121.7 (114.7) million, representing 6.9 (7.2) percent of sales.
Cash flow from operations before financial items and taxes totalled EUR 72.3 (22.8) million.
Net income for the period amounted to EUR 60.0 (36.0) million.
Earnings per share was EUR 0.93 (0.55).
Outlook for 2019
Cargotec reiterates its outlook published on 8 February 2019 and expects its comparable operating profit for 2019 to improve from 2018 (EUR 242.1 million).
Cargotec’s key figures
Cargotec applies the accounting standard IFRS 16, Leases, and the interpretation IFRIC 23, Uncertainty over Income Tax Treatments, starting from 1 January 2019. More information on the standards is available in Note 2, Accounting principles and new accounting standards. Cargotec has also refined the definition of service business for Hiab and MacGregor from the beginning of 2019. The figures related to service business have been restated for the comparison period 2018 accordingly. Cargotec has published a stock exchange release on 4 April 2019 regarding the changes.
The second quarter of 2019 was two-fold at Cargotec. Result at its biggest business area Kalmar developed strongly and its operating profit grew by 41 percent. Operating profit increased also at Hiab and in the second quarter it was the best ever.
In terms of orders received, the good development continued at Hiab with orders increasing by 13 percent compared to the comparison period.
Kalmar’s orders received declined, which was to be expected, as the comparison period’s order intake included an 80 million euro agreement to deliver a state-of-the-art, fully automated terminal solution to Australia. At MacGregor the orders received decreased.
Cargotec enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2018 totalled approximately EUR 3.3 billion and it employs around 12,000 people.
