CARGOTEC CORPORATION, HALF-YEAR FINANCIAL REPORT JANUARY–JUNE 2024

11 Αυγούστου, 2024

Cargotec’s half-year financial report January–June 2024: Sixth consecutive quarter with good results, demerger completed

Hiab’s strong profitability continued, comparable operating profit margin was 15.9% in the second quarter
MacGregor’s comparable operating profit increased to EUR 21 million in the second quarter
Sales process of MacGregor started
Outlook specified for Hiab and MacGregor

Unless otherwise stated, the financial information in this report concerns Cargotec’s continuing operations.

April–June 2024 in brief: Orders received increased

Orders received increased by 4 percent and totalled EUR 584 (562) million.
Order book amounted to EUR 1,691 (31 Dec 2023: 1,788) million at the end of the period.
Sales decreased by 4 percent and totalled EUR 625 (648) million.
Service sales increased by 6 percent and totalled EUR 212 (201) million.
Service sales represented 34 (31) percent of consolidated sales.
Eco portfolio sales decreased by 13 percent and totalled EUR 188 (217) million.
Eco portfolio sales represented 30 (33) percent of consolidated sales.
Operating profit was EUR 52 (79) million, representing 8.3 (12.1) percent of sales. The operating profit includes items affecting comparability worth EUR -30 (-2) million, which were mainly related to MacGregor’s settlement with a monopile installation vessel project customer.
Comparable operating profit increased by 2 percent and amounted to EUR 82 (81) million, representing 13.1 (12.4) percent of sales.
Profit for the period amounted to EUR 31 (55) million.
Basic earnings per share was EUR 0.48 (0.85).
Cash flow from operations before finance items and taxes totalled EUR 89 (41) million.¹

January–June 2024 in brief: Comparable operating profit increased

Orders received increased by 8 percent and totalled EUR 1,236 (1,149) million.
Order book amounted to EUR 1,691 (31 Dec 2023: 1,788) million at the end of the period.
Sales remained at previous year’s level and totalled EUR 1,242 (1,237) million.
Service sales increased by 4 percent and totalled EUR 419 (401) million.
Service sales represented 34 (32) percent of consolidated sales.
Eco portfolio sales decreased by 10 percent and totalled EUR 363 (402) million.
Eco portfolio sales represented 29 (33) percent of consolidated sales.
Operating profit was EUR 122 (120) million, representing 9.8 (9.7) percent of sales. The operating profit includes items affecting comparability worth EUR -32 (-10) million, which were mainly related to MacGregor’s settlement with a monopile installation vessel project customer.
Comparable operating profit increased by 18 percent and amounted to EUR 153 (130) million, representing 12.3 (10.5) percent of sales.
Profit for the period amounted to EUR 78 (78) million.
Basic earnings per share was EUR 1.21 (1.22).
Cash flow from operations before finance items and taxes totalled EUR 263 (68) million.¹

Outlook for 2024 specified

Cargotec estimates² Hiab’s comparable operating profit margin in 2024 to be above 13.5 percent and MacGregor’s comparable operating profit in 2024 to be above EUR 55 million.

In its outlook initially published on 1 February 2024, Cargotec estimated Hiab’s comparable operating profit margin in 2024 to be above 12 percent and MacGregor’s comparable operating profit in 2024 to improve from 2023 (EUR 33 million).

Cargotec has updated its reporting structure due to the partial demerger

The completion of the partial demerger of Cargotec Corporation and the incorporation of a new Kalmar Corporation was registered in the Finnish Trade Register on 30 June 2024. As a result of the partial demerger, Cargotec has updated its segment reporting.

From 30 June 2024 onwards Cargotec has two reporting segments, Hiab and MacGregor. The Kalmar segment has been removed. The new reporting structure is being used in this half-year financial report January–June 2024.

To provide a basis for comparison, Cargotec published on 3 July 2024 its reclassified financial information of reportable segments and Corporate administration and support functions for all quarters of 2023 and the first quarter of 2024 separately, as well as for the full year 2023. Corporate administration and support functions now reflect continuing operations while Hiab and MacGregor financial information remains unchanged.

The reclassified financial information is unaudited.

See more: http://Cargotec’s half-year financial report January–June 2024