Cargotec: “financially disappointing” 2013

Despite a stronger final quarter of 2013, equipment manufacturer Cargotec has described last year as “financially disappointing”.

The group’s president and CEO Mika Vehviläinen said: “Despite our many achievements, 2013 was financially disappointing. However, it was pleasing during the fourth quarter to see the amount of orders received increase, while cash flow continued to strengthen from the third quarter.”

Orders received totalled EUR 3.3bn (US$4.5bn) for the year, representing an increase of 8%, but sales fell 4% to just under EUR 3.2bn (US$4.3bn). Operating profit was EUR 92.5m (US$126m), representing 2.9% of sales, and cash flow from operations before financial items and taxes totalled just under EUR 181m (US$247m).