Cargotec’s orders beats expectations, profit disappoints

By: | at 05:24 AM | Ports & Terminals  

Finnish cargo-handling equipment maker Cargotec said new orders in the second quarter were well above analysts’ expectations, while its adjusted operating profit came in below forecasts.

New orders in the quarter totalled 993 million euros ($1.3 billion), higher than the average market forecast of 883 million euros.

The company said its second-quarter adjusted operating profit - which does not include non-recurring items - fell 87 percent from a year ago to 4.7 million euros, below analysts’ average forecast of 8.8 million euros in a Reuters poll.

Cargotec repeated its full-year forecast of increasing sales and adjusted operating profit.

Shares in the firm rose 0.3 percent to 27.97 euros after the results were published.

In a separate statement, Cargotec said it had scrapped plans to spin off its MacGregor business.


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