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Cargotec's January-September 2011 interim report: Third quarter orders grew 19 percent and profitability improved


October 27, 2011 - London

July-September in brief
·       Orders received grew 19 percent and totalled EUR 811 (683) million.
·       Order book amounted to EUR 2,349 (31 Dec 2010: 2,356) million at the end of the period.
·       Sales grew 19 percent and totalled EUR 753 (635) million.
·       Operating profit was EUR 54.4 (42.2) million, representing 7.2 (6.6) percent of sales.
·       Cash flow from operating activities before financial items and taxes totalled EUR 6.4 (66.4) million.
·       Net income for the period amounted to EUR 35.7 (23.2) million.
·       Earnings per share was EUR 0.58 (0.38).

January-September in brief
·       Orders received grew 19 percent and totalled EUR 2,391 (2,013) million.
·       Sales grew 26 percent to EUR 2,310 (1,828) million.
·       Operating profit was EUR 159.1 (92.9) million, representing 6.9 (5.1) percent of sales.
·       Cash flow from operations before financial items and taxes totalled EUR 78.0 (193.4) million.
·       Net income for the period amounted to EUR 114.5 (54.2) million
·       Earnings per share was EUR 1.86 (0.82)

Outlook
Cargotec reiterates its 2011 guidance:

Cargotec's 2011 sales are estimated to grow approximately 20 percent based on healthy January-September order intake. Cargotec's 2011 operating profit margin is estimated to be approximately 7 percent.


Cargotec key figures

MEUR Q3/11 Q3/10 Change Q1-Q3/11 Q1-Q3/10 Change 2010
Orders received 811 683 19% 2,391 2,013 19% 2,729
Order book, end of period 2,349 2,395 -2% 2,349 2,395 -2% 2,356
Sales 753 635 19% 2,310 1,828 26% 2,575
Operating profit 54.4 42.2 29% 159.1 92.9 71% 131.4
Operating profit, % 7.2 6.6 6.9 5.1 5.1
Income before taxes 51.3 35.1 148.3 71.2 101.4
Cash flow from operations 6.4 66.4 78.0 193.4 292.9
Net income for the period 35.7 23.2 114.5 54.2 78.0
Earnings per share, EUR 0.58 0.38 1.86 0.82 1.21
Net debt, end of period 362 264 362 264 171
Gearing, % 32.7 26.1 32.7 26.1 16.0
Personnel, end of period 10,970 9,824 10,970 9,824 9,954

Cargotec's President and CEO Mikael Mäkinen:
"Orders continued to grow in the third quarter, despite the prevailing economic uncertainty. These included a five-year frame agreement for equipment deliveries to the US Department of Defense and an agreement for the automation of a US port. We also continued to receive significant marine crane orders from China. In addition, we are proud that, at the beginning of October, DP World chose Cargotec as its partner for the London Gateway port automation project. Sales growth for January-September supports our guidance for the full year. In Industrial & Terminal we will continue our determined work to improve profitability by dividing the business in two."

Press conference for analysts and media
A press conference for analysts and media, combined with a live international telephone conference, will be arranged on the publishing day at 9:30 am EEST at Cargotec's head office, Sörnäisten rantatie 23, Helsinki. The event will be held in English. The interim report will be presented by President and CEO Mikael Mäkinen. The presentation material will be available at www.cargotec.com by 9:30 am EEST.

The telephone conference, during which questions may be presented, can be accessed using the following numbers ten minutes before the beginning of the event: US callers +1 334 323 6201, non-US callers +44 20 7162 0025, access code Cargotec/891233.

The event can also be viewed as a live webcast at www.cargotec.com. An on-demand version of the conference will be published at Cargotec's website later during the day.

A replay of the conference call will be available until midnight 29 October 2011 in the following numbers: US callers +1 954 334 0342, non-US callers +44 20 7031 4064, access code 891233.

For further information, please contact:
Eeva Sipilä, CFO, tel. +358 20 777 4104
Paula Liimatta, IR Manager, tel. +358 20 777 4084

Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 2.6 billion in 2010 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com


Q3 2011 Interim report



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Cargotec Oyj via Thomson Reuters ONE

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