Cargotec surprised investors with its latest quarterly results, reporting a significant increase in profits. The company is set to list Kalmar as a standalone entity by the end of June, and discussions are ongoing about the potential divestment of MacGregor.
In the January-March results announcement, investors were eager to learn more about the future of Cargotec’s business units in addition to the profit figures. Despite challenging operating conditions, Cargotec delivered its best first quarter results in history. The company reported an operating profit of EUR 119.6 million and a turnover of 1,056 million euros for the period.
CEO Casimir Lindholm expressed satisfaction with the strong start to the year and highlighted the company’s cost-saving measures that have supported its performance. He also noted that Kalmar’s demand remained stable, with an increase in comparable operating profit percentage. Hiab also saw steady demand and improved operating profit, while MacGregor received significant orders and grew its order book.
Cargotec plans to continue with the split of Kalmar and Hiab into independent companies by June 30, 2024. However, there is no information yet on what will happen to MacGregor. Investors are eagerly awaiting more details on the future plans for this business unit.
Overall, Cargotec’s latest quarterly results were impressive as they exceeded expectations with a significant increase in profits. The company is now focused on finding a solution for MacGregor and preparing Hiab for operation as a standalone entity.