Cargotec lower profit outlook for FY2013
CARGO handling equipment maker, Cargotec, has cut its full-year profit forecast due to continued slippage in merchant ship deliveries with one of its brands.
CARGO handling equipment maker, Cargotec, has cut its full-year profit forecast due to continued slippage in merchant ship deliveries with one of its brands, MacGregor, reporting that s sales and operating profit for the second half of 2013 will be lower than expected.
Despite this, the company pointed out that the underlying merchant marine market has continued to improve and the offshore market has remained active, according to the company.
Another company brand, Kalmar, reported overall development in the third quarter has been positive, but there were further cost overruns in certain ship-to-shore crane projects.
According to preliminary results, Cargotec's third quarter order intake was EUR 724 million (US$1 billion), sales EUR 752 million and operating profit excluding restructuring costs EUR 35 million. The company said MacGregor's preliminary third quarter sales were EUR 200 million and operating profit margin excluding restructuring costs 8.9 per cent. EUR 9 million of additional costs for Kalmar projects were booked in the third quarter.
The company is to report its third quarter results on 24 October.