Cargotec reduces its 2012 operating profit margin guidance to approximately 5 percent
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 15 OCTOBER 2012 AT 09:25 AM EEST
Cargotec reduces its full-year 2012 operating profit margin guidance given in July. Due to cost overruns, the profitability of large projects in the Terminals business area fell below expectations in the third quarter, and therefore also the fourth quarter performance is expected to remain below previous expectations. Cargotec's guidance is also affected by slippages of deliveries over the year-end into 2013 in the Marine business area.
The operating profit margin for 2012 is expected to be approximately 5 percent excluding non-recurring costs. Sales are still expected to grow from 2011. Earlier guidance was for sales to grow from 2011 and the operating profit margin to be approximately 6 percent.
According to preliminary results, Cargotec's third quarter order intake was EUR 719 million, sales EUR 794 million and operating profit margin 4.9 percent. Cargotec will report its third quarter results on 25 October 2012.
Cargotec has started measures to improve its operating profit. These measures are estimated to result in non-recurring restructuring costs during the final quarter of the year. The exact amount of the restructuring costs will be specified after the ongoing employee cooperation negotiations have been concluded.
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4105
Anne Westersund, Vice President, Communications and Marketing, tel. +358 20 777 4460
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.1 billion in 2011 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com