Konecranes Reports Strong Financial Results, Boosting Net Sales and Operating Profit

Revenue and Profitability Surge

Konecranes, a global leader in the lifting industry, has announced impressive financial results for the second quarter of 2023. The company's net sales climbed by a remarkable 21.9%, reaching €1.04 billion, compared to €853.4 million recorded in the same period last year.

In line with the revenue growth, Konecranes' operating profit also witnessed a significant increase of 20.5%, amounting to €123.2 million. This surge is attributed to the company's strategic initiatives and improving market conditions.

Order Intake and Backlog

Konecranes' solid performance was further reflected in its order intake, which soared by 32.7% to €1.14 billion. This growth was driven by strong demand for Konecranes' products and services across various regions and industries.

The company's order backlog also witnessed a significant increase, reaching €2.94 billion, representing a 23.7% rise compared to the previous year. This strong order backlog provides Konecranes with a solid foundation for future growth.

Regional and Business Performance

Konecranes experienced growth across all regions, with the Americas, Europe, and Middle East & Africa contributing significantly to the overall revenue increase. Among the business areas, Service and Industrial Equipment performed particularly well, driving the positive financial results.

Konecranes' Service business saw a notable 12.2% revenue growth, reaching €524.2 million. This growth was driven by increased demand for maintenance and modernization services, reflecting customers' focus on optimizing their existing equipment.

The Industrial Equipment business, which includes cranes and hoists, also reported a strong performance with a 34.6% revenue increase to €514.7 million. This growth was primarily driven by robust demand from various industries, including automotive, manufacturing, and mining.

Positive Outlook and Strategic Initiatives

Konecranes remains optimistic about the future, citing favorable market conditions and continued demand for its products and services. The company plans to further expand its global presence through strategic acquisitions and investments in innovation.

Konecranes' focus on sustainability and digitalization also remains a key driver of its growth strategy. The company aims to provide customers with eco-efficient and digitally connected solutions that improve productivity and safety.

Conclusion

Konecranes' impressive financial results in the second quarter of 2023 demonstrate the company's strong execution and the growing demand for its lifting solutions. With its solid order backlog and strategic initiatives, Konecranes is well-positioned to continue delivering sustainable growth and value to its customers in the future.