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Cargotec is a technology leader with strong market positions in all business areas, Kalmar, Hiab and MacGregor. We have leading brands in markets with long term growth potential and several megatrends, such as urbanisation and growing middle class, support our businesses.
Our aim is to transform from an equipment provider into a leader in intelligent cargo handling. We will achieve this by focusing on our four strategic must-win battles: customer centricity, services, digitalisation and productivity.
On 27 March 2020, Cargotec updated its outlook for 2020 due to the coronavirus pandemic and related political decisions and administrative restrictions. In the current exceptional situation Cargotec estimated that it is not able to give a guidance for the year 2020. Cargotec publishes a new guidance at a later date.
Previous guidance (given on 6 February 2020): Cargotec expects its comparable operating profit for 2020 to improve from 2019 (EUR 264 million).
In the second quarter, there are significant challenges in relation to deliveries and demand. Cargotec estimates a significant decline in orders, sales, comparable operating profit and cash flow in the second quarter compared to the second quarter of 2019. During the first weeks of April 2020, Cargotec’s orders received have significantly decreased from the comparison period. Due to the challenging operating environment, visibility towards the end of the year is currently weak.
27 March 2020: Cargotec lowers its 2020 financial outlook and withdraws its guidance for 2020, gives a new guidance later
Cargotec updates its outlook for 2020 due to the coronavirus pandemic and related political decisions and administrative restrictions. In the current exceptional situation Cargotec estimates that it is not able to give a guidance for the year 2020.
Restrictions set by the authorities related to the coronavirus pandemic, as well as the increasing uncertainty, have slowed the decision making among customers and negatively affected Cargotec’s orders and delivery schedules. There are risks associated with the timing of the current order book deliveries, and the visibility is weak.
Cargotec has initiated measures to adjust its cost structure. The measures include the objective of shifting the management and office workers to a four-day working week with a corresponding reduction in salaries, subject to local legislation; a reduction of external services, as well as minimising travel. Cost structure adjustments will continue as the situation requires.
Cargotec publishes a new guidance at a later date.
Cargotec expects its comparable operating profit for 2020 to improve from 2019 (EUR 264 million).