Cargotec’s Interim Report for January–September 2007
10/18/2007 12:00 PM
Cargotec Corporation, Stock Exchange Release, October 18, 2007 at 12:00 Finnish time
- Orders received during January–September 2007 totalled EUR 2,892 (1–9/2006: 2,194) million. During the third quarter, orders received were record strong at EUR 1,028 (7–9/2006: 603) million.
- The order book continued to grow and totalled EUR 2,552 (December 31, 2006: 1,621) million on September 30, 2007.
- Sales grew in January–September by 13 percent and amounted to EUR 2,151 (1–9/2006: 1,900) million. Half of this growth was organic. During the third quarter, sales were EUR 713 (7–9/2006: 625) million.
- Cargotec completed 14 acquisitions during January–September.
- Operating profit was EUR 156.6 (1–9/2006: 181.9) million. The comparison period includes a EUR 17.9 million capital gain from divestment of property. Operating profit from operations in the third quarter was EUR 52.5 (7–9/2006: 52.1) million.
- Cash flow from operating activities before financial items and taxes totalled EUR 138.8 (1–9/2006: 178.8) million.
- Net income for the reporting period was EUR 109.5 (1–9/2006: 126.8) million.
- Earnings per share were EUR 1.72 (1–9/2006: 1.97) with EUR 0.55 (7–9/2006: 0.81) attributable to the third quarter.
- The number of personnel at the end of the reporting period was 11,081 (September 30, 2006: 8,313). Acquisitions completed during the reporting period increased the number of personnel by close to 1,900 people.
- General market activity is expected to continue healthy with the exception of the U.S. load handling market. In accordance with its plans, Cargotec continues growth and efficiency related investments, which burden the 2007 result. Thanks to the record value of orders received so far in the year the estimate for full year 2007 order intake growth has been raised to close to 30 percent. The sales growth estimate for 2007 is unchanged at approximately 15 percent, which implies strong sales growth for the final quarter. Due to the growth operating profit in euros will improve from the previous quarters. Operating profit margin for the final quarter is estimated to remain at the third quarter level.
Cargotec's President and CEO Mikael Mäkinen:
"The value of orders received during the third quarter exceeded a record level of 1 billion euros. It is a signal on one hand of healthy market activity and on another hand of our success in product development and in expansion of our global market presence. We continue our investments in strengthening Cargotec's presence and market position also the remainder of the year. I am especially pleased with the strong sales growth in Asia as well as the healthy order intake in our offshore division acquired in spring. Despite the current weak demand for load handling equipment in the U.S. we believe also that market longer term offers us significant growth opportunities."
Analyst and Press Conference:
The analyst and press conference hosted at Cargotec's head office, Sörnäisten rantatie 23, Helsinki, will be combined with a live international telephone conference on October 18, 2007 at 2:00 p.m. Finnish time. The whole combined event will be in English. The presentation material will be available on the Company's internet pages by 2:00 p.m. Finnish time.
The conference call phone numbers are the following:
+1 866 966 5335 (if calling from the U.S.)
+44 20 3023 4412 (if calling from rest of world)
The conference can also be viewed as a live audio webcast through the internet pages at www.cargotec.com starting at 2:00 p.m. Finnish time. The archived webcast will be available on the internet pages later the same day.
The entire Interim Report including tables is available in attached pdf file.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, tel. +358 204 55 4256
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281
Cargotec is the world's leading provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centers and local transportation. Cargotec Corporation's brands, Hiab, Kalmar and MacGREGOR, are market leaders in their fields and well-known among customers all over the world. Cargotec's sales are EUR 2.8 billion. The company employs over 11,000 people and operates in close to 160 countries. Cargotec's class B shares are quoted on the Nordic Exchange, Helsinki.