For the third quarter, order intake was EUR308.5m (compared to EUR515.9m during the same period the previous year), down 40.2%. Service was down 26.8%, standard lifting down 48.6% and heavy lifting down 42.1%.
Service contract base value was “stable” at EUR123m compared with EUR122m a year ago and EUR124m at the end of June, 2009.
At the end of September, the order book was worth EUR638.4m ((1,065.2), down 40.1%, and down 6.2% compared with the end of June.
Sales were EUR368.7m (520.4), down 29.2%. Service was down 15.8%, standard lifting down 28.3% and heavy lifting down 42.3%.
Restructuring costs in the third quarter totaled EUR13.9m.
Konecranes said: “We expect the prevailing uncertainty to continue, with no credible signs of market recovery visible. Based on currently available information, we expect the demand for maintenance services to remain stable. We expect the demand for standard lifting equipment to continue on a low level, resulting in continued margin pressure.
“We expect the demand for heavy lifting equipment to remain low in general, with a high degree of fluctuation between quarters. We still estimate the 2009 full year sales to be 17-20% lower than the level of full year 2008.
“However, the current information indicates the actual sales decrease to be close to the upper end of that range. Our full year operating margin estimate is unchanged at 6.5% to 7.5% of sales, excluding restructuring costs.”
Pekka Lundmark added: “It is hard to say how much the positive developments in certain leading industrial confidence indicators are driven by restocking and to what extent there might be a genuine growth in the underlying demand behind the numbers.
“Due to this uncertainty, it would not be prudent to count on a fast recovery in demand when planning our cost base. Instead, we are streamlining our structure throughout the company. Our relatively good margin before restructuring costs in the third quarter, in spite of declining sales, shows that our efforts to lower our operational cost base are bringing results.
“The most positive element in our third quarter result is the cash flow. We are now debt free, and actually have a net cash position of EUR14.9m. This means that we will be able to continue our ongoing investments in product development, manufacturing productivity and information systems.
“We are also continuing our expansion strategy in the emerging markets. The acquisition of SANMA in China is a concrete example of this.”