Cargotec's January-March 2012 interim report: First quarter challenging for Terminals segment. Outlook unchanged.
CARGOTEC CORPORATION, INTERIM REPORT, 26 APRIL 2012 AT 12.00 P.M. (EEST)
January-March 2012 in brief
- Orders received totalled EUR 737 (819) million, 10 percent below comparison period.
- Order book amounted to EUR 2,342 (31 Dec 2011: 2,426) million at the end of the period.
- Sales grew 4 percent to EUR 793 (763) million.
- Operating profit was EUR 37.6 (50.6) million, representing 4.7 (6.6) percent of sales.
- Cash flow from operations before financial items and taxes totalled EUR -2.2 (36.2) million.
- Net income for the period amounted to EUR 26.2 (36.2) million
- Earnings per share was EUR 0.42 (0.59)
Cargotec maintains outlook for 2012 unchanged
Marine segment profitability is expected to continue healthy, although full year sales are expected to decline slightly from previous year. Sales in Terminals and Load Handling segments are expected to grow as a result of the order book. Terminals segment order book supports expectations that the segment's profitability will clearly improve from the first quarter.
Cargotec expects its 2012 sales to grow and operating profit margin to improve compared to 2011.
Cargotec's key figures
|Order book, end of period||2,342||2,373||-1%||2,426|
|Operating profit, %||4.7||6.6||6.6|
|Income before taxes||34.7||46.4||191.9|
|Cash flow from operations||-2.2||36.2||166.3|
|Net income for the period||26.2||36.2||149.3|
|Earnings per share, EUR||0.42||0.59||2.42|
|Net debt, end of period||389||335||299|
|Personnel, end of period||10,486||10,433||10,928|
Cargotec's President and CEO Mikael Mäkinen:
During the first quarter, market activity was healthy, even though orders lagged behind those of the comparison period. Although the low level of new ship orders was evident in Marine's order intake, in accordance with our expectations the focus of orders is shifting from merchant ships to offshore. In Load Handling, orders for the first quarter grew by 22 percent. Due to stronger order books and successful deliveries by Terminals and Load Handling, our sales developed favourably. However, profitability fell short of our target. Although Terminals did not progress as planned, we are confident of an improvement for the full year. In March, we decided to initiate the evaluation of a listing of Marine on the Singapore Exchange, in order to secure further growth. The evaluation work has proceeded according to plan. We will report on this as work progresses, by the end of the third quarter.
Press conference for analysts and media
A press conference for analysts and media, combined with a live international telephone conference, will be arranged on the publishing day at 2:00 pm EEST at Cargotec's head office, Sörnäisten rantatie 23, Helsinki. The event will be held in English. The interim report will be presented by President and CEO Mikael Mäkinen. The presentation material will be available at www.cargotec.com by 2:00 pm EEST.
The telephone conference, during which questions may be presented, can be accessed using the following numbers ten minutes before the beginning of the event: US callers +1 334 323 6203, non-US callers +44 20 7162 0125, access code Cargotec/914114.
The event can also be viewed as a live webcast at www.cargotec.com. An on-demand version of the conference will be published at Cargotec's website later during the day.
A replay of the conference call will be available until midnight 28 April 2012 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 914114.
For further information, please contact:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
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 NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com