CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 14 DECEMBER 2018 AT 9.00 AM (EET)
Cargotec lowers 2018 guidance for operating profit excluding restructuring costs
Cargotec lowers the guidance for operating profit excluding restructuring costs and expects the operating profit excluding restructuring costs for 2018 to be EUR 235-245 million.
Based on the guidance given on February 8, 2018 Cargotec expected the operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).
Weaker profitability development in Hiab and MacGregor has resulted in lower than expected operating profit. Continuing bottlenecks in component supply chain and equipment installation capacity have resulted in extended delivery lead times in certain Hiab product categories and weaker than anticipated product mix. The component shortages have lead also to inefficiency and additional costs in assembly operations.
Hiab's orders have continued on high level throughout the fourth quarter.
Due to delays in deliveries, MacGregor's operating profit is expected to be slightly negative in the fourth quarter of 2018.
New guidance: operating profit excluding restructuring costs for 2018 to be approximately EUR 235-245 million.
Previous guidance (given on February 8, 2018): Cargotec expected the operating profit excluding restructuring costs for 2018 to improve from 2017 (EUR 258.6 million, IFRS 15 restated).
Cargotec will publish Financial Statement Review for 2018 on Friday, 8 February 2019.
For further information, please contact:
Mikko Puolakka, Executive Vice President and CFO, tel. +358 20 777 4105
Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2017 totalled approximately EUR 3.2 billion and it employs over 11,000 people. www.cargotec.com