Cargotec's January-June 2014 Interim Report

By Joseph R. Fonseca
Saturday, July 19, 2014

Cargotec's January-June 2014 interim report show that orders grew but operating profit was burdened by project cost overruns in Kalmar

April-June 2014 in brief

Orders received increased 19 percent and totalled EUR 993 (833) million. Order book amounted to EUR 2,285 (31 Dec 2013: 1,980) million at the end of the period.Sales declined 4 percent to EUR 804 (836) million.Operating profit excluding restructuring costs was EUR 4.7 (37.5) million, representing 0.6 (4.5) percent of sales, including EUR 39 (10) million in project cost overruns in Kalmar.Operating profit was EUR -6.0 (32.9) million, representing -0.7 (3.9) percent of sales.
 

Cash flow from operations before financial items and taxes totalled EUR 24.4 (-12.4) million.
Net income for the period amounted to EUR -9.3 (21.9) million.Earnings per share was EUR -0.15 (0.36).
 
January-June 2013 in brief

Orders received increased 14 percent and totalled EUR 1,856 (1,624) million.Sales grew 3 percent to EUR 1,555 (1,515) million.Operating profit excluding restructuring costs was EUR 29.3 (52.5) million, representing 1.9 (3.5) percent of sales.Operating profit was EUR 17.8 (46.1) million, representing 1.1 (3.0) percent of sales.Cash flow from operations before financial items and taxes totalled EUR 56.9 (8.8) million.Net income for the period amounted to EUR 3.6 (28.4) million.
 

Earnings per share was EUR 0.05 (0.46).
 
Cargotec's 2014 sales are expected to grow from 2013. Operating profit excluding restructuring costs for 2014 is expected to improve from 2013.

Cargotec's President and CEO Mika Vehviläinen said, "Market activity remained brisk, with our orders for the second quarter growing in all business areas. Both Kalmar and Hiab had strong order intake compared to the previous quarters. In MacGregor, recent acquisitions supported the growth in orders compared to the comparison period. Due to a previously announced cost overrun in Kalmar projects, operating profit for the second quarter was unsatisfactory. As expected, MacGregor and Hiab saw positive profit development.

"The EUR 40 million profit improvement programme currently being implemented in both Kalmar and Hiab is proceeding as planned, and is actually ahead of schedule in Hiab. Unfortunately, due to project cost overruns, the effects of the programme are yet to make a visible impact on Kalmar's operating profit. We are continuing our determined efforts to see this programme through.

"We have decided to reverse earlier plans to separately list MacGregor business. We focus on  delivering profitable growth within the new MacGregor as part of the overall Cargotec portfolio."

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

Logistics

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1593 sec (6 req/sec)