Cargotec tops STOXX on 'amazing profitability'

Hiab Oyj

30/04/2024 09:42

** Shares in Finnish engineering group Cargotec  CGCBV.HE  surge
13% to top of STOXX 600  .STOXX  index after earnings beat,
strong orders
    ** "An amazing profitability," Handelsbanken says pointing
to adjusted EBIT being 47% ahead of Vara Research consensus, and
EBIT margin of 13% compared to consensus of 9.4%
    ** For orders, "all divisions were stronger than expected"
Handelsbanken notes, with the biggest deviation at MacGregor,
which was up 29%
    ** Cargotec reported orders of EUR 653 million from
continuing operations and EUR 402 million from discontinued
operations versus total EUR 962.9 million seen in Vara consensus
    ** The Cargotec stock is up 36% year-to-date, and on track
for its best day since Oct 2022

 (Reporting by Tilla Sjaavaag)
 ((tilla.sjaavaag@thomsonreuters.com; +48 58 7696600;))