Cargotec sales up across the board in 2023

Hiab iQ 1188 HiPro hydraulic loader crane

Cargotec, owner of crane and materials handling equipment manufacturing brands Hiab, Kalmar and MacGregor, posted 2023 sales up 12 per cent to Euro 4,569 million, from Euro 4,089 million in 2022.

Some of the increase in sales was as a result of completing back orders and reducing the order backlog. Orders received were lower than in 2021 and 2022. Group operating profit was Euro 484 million in 2023, as against Euro 106 million in 2022. This was 10.6 % of sales (2.6 % in 2022).

By segment, 2023 sales at loader crane maker Hiab were Euro 1,787 million, up 13 % on the Euro 1,578 million of 2022.

Offshore crane division MacGregor posted a sales increase of 29 %, up from Euro 569 million to Euro 733 million.

Harbour crane and equipment division Kalmar’s sales were up a more modest 5 %, to Euro 2,050 million from Euro 1,943 million. Plans are continuing for Kalmar to become a separate standalone company and Cargotec said it will “continue to look for a solution for MacGregor.”

Big changes and more ahead

Hiab’s iQ 1388 HiPro loader crane made its debut at the IAA Show in Hannover, Germany, in 2022. Photo: Hiab

Casimir Lindholm, Cargotec president and CEO, said it was a momentous year for the company. “The year 2023 was a step change for Cargotec in many ways, with good results for four consecutive quarters. As a result we reached record-high sales, comparable operating profit and cash flow for the full year. In April we announced our plan to separate our core businesses Kalmar and Hiab into two world-leading standalone companies.”

Looking ahead to 2024 Lindholm continued, “To increase transparency, and in line with the intended separation of our three businesses, we publish our outlook for 2024 separately for our business areas. We estimate that Hiab’s comparable operating margin would be above 12 per cent, Kalmar’s above 11 per cent and that MacGregor’s comparable operating profit would improve from 2023 as part of Cargotec Group.”