Cargotec releases full-year results

Finnish load handling expert Cargotec has reported a six per cent sales increase for the 2014 calendar year, amounting to a total of €3.36 billion.

Operating profit excluding restructuring costs was €149.3 million, representing 4.4 per cent of sales, the company said in a press release. Net income for the period amounted to €72 million – a 30 per cent increase over 2013.

“Our results for 2014 are a clear indication that our profit improvement programmes have progressed well and that we are implementing the issues defined in our strategy, one step at a time,” commented Cargotec's President and CEO Mika Vehviläinen (pictured).

‘Even though the overall financial results for 2014 were below our expectations, I am more convinced that we can meet our future targets.

“Our market position is strengthened by several successful new product launches. In North America in particular, market activity is expected to continue positive.”

Vehviläinen said that the Board of Directors has also approved a new, long-term incentive programme for key personnel for the 2015 – 2018 period.

“The purpose of the programme is to increase Cargotec's profitability, efficient use of capital and shareholder value in the long term by attracting and retaining the required talent.”

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