Finnish cargo handling equipment maker Cargotec reported an unexpected fall in first-quarter profit on weaker ship related orders, and the news send its shares down 8.2 percent.
January-March operating profit fell 26 percent to 37.6 million euros ($49.6 million) from a year earlier. Analysts on average expected profit to rise slightly to 52.1 million euros, according to a Reuters analyst poll.
The company forecast full-year sales in the marine segment to decline from a year earlier, although it stood by its forecast for overall sales and operating profit margin to improve in 2012.
January-March operating profit fell 26 percent to 37.6 million euros ($49.6 million) from a year earlier. Analysts on average expected profit to rise slightly to 52.1 million euros, according to a Reuters analyst poll.
The company forecast full-year sales in the marine segment to decline from a year earlier, although it stood by its forecast for overall sales and operating profit margin to improve in 2012.