Hiab (HIAB) Q3 2024 earnings summary

Executive summary

• Achieved seventh consecutive quarter of strong and stable results, with robust operative performance and strong cash flow in both Hiab and MacGregor.

• Orders received increased 14% year-over-year in Q3 2024, driven by both Hiab and MacGregor.

• MacGregor order book exceeded EUR 1 billion, providing strong visibility into 2025 and beyond; Hiab order book normalized to pre-COVID levels.

• Transition and separation of Kalmar completed; MacGregor carve-out and sales process progressing as planned, targeting deal signing by year-end 2024.

• Cargotec now focuses on Hiab and MacGregor, with Hiab standalone listing preparations ongoing.

Financial highlights

• Q3 2024 orders received: EUR 597m (+14% YoY); sales: EUR 590m (-1% YoY); comparable operating profit: EUR 70m (+14% YoY, 11.8% margin).

• Hiab Q3 order intake was EUR 361m (+16% YoY); sales EUR 388m (-8% YoY); comparable operating profit EUR 59m (15.3% margin).

• MacGregor Q3 orders received EUR 236m (+12% YoY); sales EUR 203m (+13% YoY); comparable operating profit EUR 20m (9.6% margin).

• Cash flow from operations before finance items and taxes: EUR 148m in Q3, EUR 411m YTD.

• Net cash position of EUR 64m and gearing at -5% as of Q3 2024.

Outlook and guidance

• Hiab's comparable operating profit margin expected above 14% for 2024.

• MacGregor's comparable operating profit expected above EUR 65m for 2024.

• Hiab demand expected to remain stable, with no clear indicators of significant change in the near term.

• MacGregor top-line growth for 2025 limited by shipyard capacity; 40% of backlog scheduled for 2026 and beyond.

• Previous guidance (August): Hiab above 13.5%, MacGregor above EUR 55m.