Cargotec releases its Half yearly Financials- profits increased by 57%

Helsinki, Finland- Cargotec., a Finnish company that provides cargo handling solutions, reported record-high profitability in the first half of 2023.

The company's comparable operating profit increased by 57% to EUR 263 million, representing 13.6% of sales. Cargotec's orders received decreased by 28% in the second quarter of 2023, but its sales increased by 25%. The company's order book remains strong, at EUR 3.2 billion. Service sales increased by 14%, and eco portfolio sales increased by 26%. Operating profit was EUR 151 million, and comparable operating profit increased by 94% to EUR 158 million. Cash flow from operations before finance items and taxes was EUR 41 million, and profit for the period was EUR 108 million. Basic earnings per share was EUR 1.67.

Casimir Lindholm, President and CEO of Cargotec said, "We are very pleased with our strong performance in the first half of 2023. We delivered record-high comparable operating profit, and our order book remains above the historical average. We are confident that we are well-positioned to continue our growth in the second half of the year."

He also added, "The potential separation of Kalmar and Hiab is a significant step forward for Cargotec. It will allow us to focus on the long-term growth and profitability of our two core businesses."

In addition to its strong financial performance, Cargotec also announced that it is planning to separate its core businesses Kalmar and Hiab into two separate companies. The planning of the potential partial demerger is intended to be carried out during 2023 and the potential separate listing of Kalmar on Nasdaq Helsinki would, if carried out, take place in 2024.