Cargotec rises after Q4 orders beat forecast

Hiab Oyj

01/02/2024 10:17

** Shares in Cargotec  CGCBV.HE  rise 6% after the Finnish
engineering group reported stronger than expected Q4 orders and
record-high annual sales and profitability
    ** CEO Casimir Lindholm highlights the record-high sales,
comparable operating profit and cash flow, calling 2023 a
"momentous year for the company"
    ** "Cargotec's Q4 orders were slightly below our
expectations, but exceeded consensus," says Inderes analyst
Erkki Vesola
    ** Q4 order intake was 1.02 bln euros ($1.10 bln) vs Vara
consensus of 977 mln euros
    ** "Turnover was clearly stronger than we expected, but the
margins were disappointing," Vesola adds
    ** Q4 comparable operating profit rose by 31% to 111 mln
euros, but fell short of Vara consensus of 122.9 mln
    ** The shares are on track for best day since April 2023

($1 = 0.9263 euros)

 (Reporting by Tilla Sjaavaag)
 ((Tilla.sjaavaag@thomsonreuters.com))