Cargotec's Operating Profit Falls Short of Earlier Estimates
According to Cargotec's preliminary results for 2008 operating profit will fall short of earlier estimates. The full year operating margin without the earlier announced restructuring costs will be approximately 5.7% (earlier estimate: at 1-9/08 level of 6.3%). This is due to Kalmar business area operating margin for the full year 2008 falling below 6%.
Cargotec's 2008 sales will reach EUR 3.4 billion in line with the earlier guidance of approximately 13% growth. Orders received during the year amounted to EUR 3.8 billion. Cargotec will in the fourth quarter book some EUR 19 million of the earlier announced restructuring costs.
Kalmar operating profit in the fourth quarter is negatively affected by several issues uncovered at the year-end closing. These include inventory revaluations, additional provisions that need to be made for deliveries as well as earlier unforeseen costs realized in the fourth quarter. The earlier initiated actions to ensure more accurate and timely financial information in Kalmar continue. The work started in 2008 to develop corporate-wide financial reporting systems will be speeded up. Cargotec's restructuring continues as planned.
Cargotec will publish its financial results for 2008 on February 2, 2009.
Mikael Mäkinen, President and CEO, tel. +358 (0)204 55 4262
Pekka Vauramo, Deputy to CEO, President of Kalmar, tel. +358 (0) 204 55 4292
Eeva Sipilä, CFO, tel. +358 (0)204 55 4281
Paula Liimatta, IR Manager, tel. +358 (0)204 55 4634
Cargotec improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec's brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea - wherever cargo is on the move. Extensive services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec's sales exceed EUR 3 billion and the company employs approximately 12,000 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki.