Cargotec: success followed by uncertainty and ambition

“Current economic forecasts and the global situation, as well as price increases and availability challenges of materials and components still create uncertainty,” the company announced in its annual results presentation.

Table 1 represents a summary of both orders received and sales for Q4 2022 and Q4 2021, plus the full calendar year of 2022 and 2021. Notable results for the full year period 2022 include the value of orders received up by 10 per cent while sales increased by a strong 23 per cent.

However, orders received and sales are only a small part of the story for Cargotec. In 2022, the company published new performance targets for its core businesses including a comparable operating profit of 12 per cent in 2025 and 15 per cent by 2030.

In addition, it has firm targets relating to environmental factors, including doubling the eco portfolio sales growth compared to traditional products and a reduction of greenhouse gas emissions (in the value chain) by at least 50 per cent by 2030 (from its 2019 base level).

The company notes: “We continued to invest in product development to support our customers’ business and promote environmental solutions. As examples, Kalmar started serial production of fully electric reachstackers while Hiab now provides an electric version of all its truck mounted forklifts.”

Cargotec’s outgoing CEO, Mika Vehviläinen, who was appointed in 2013, retires at the end of March 2023, with his replacement confirmed as Casimir Lindholm with effect from April 1, 2023.