February 8, 2017 / 7:09 AM / 6 months ago

Cargotec Q4 core profit misses expectations, sees improvement

2 Min Read

Feb 8 (Reuters) - Finnish producer of cargo handling equipment Cargotec said fourth-quarter core profit rose 17 percent as profitability improved at its Hiab and Kalmar units.

* Cargotec reported adjusted EBIT of 61 million euros against 68.6 million euros seen in Reuters poll

* Quarterly revenue of 933 million euros beat poll forecast of 910 million euros

* Company anticipates that in 2017 the full-year operating profit without one-off items will improve from 250 million euros achieved in 2016

* Company said currency rate changes had no impact on sales in the fourth quarter

* Cargotec's subsidiary Hiab, which specialises in production of tail-lifts, improved its sales by 3 percent on new product innovations

* Company still considers situation in MacGregor unit, which reported a 23 percent fall in sales, to be challenging

* CEO said considers results satisfactory in the light of MacGregor's weak market conditions

* In October Cargotec started to conduct a restructuring programme which resulted in the reduction of 230 postions worldwide as well as the sale of a production facility in Germany

* On Tuesday, Austria's Palfinger AG, another company specialising in the manufacture of handling and lifting systems, reported record EBIT in the fourth quarter. (Reporting by Boleslaw Lasocki; Editing by Mark Potter)

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