* Q1 overall op. profit 15 mln euros vs 28.9 mln in poll
* Marine unit op. profit 12 mln euros vs 24.1 mln in poll
* Full-year marine unit sales outlook weaker than expected
* Shares fall 3 pct
(Recasts with sales outlook for biggest unit, adds valuation,
By Terhi Kinnunen
HELSINKI, April 26 Finland's Cargotec
, a maker of cargo handling equipment, gave
disappointing figures for profits and for the sales outlook of
its marine unit as slower global trade led customers to delay
The company on Friday forecast full-year sales for
MacGregor, its biggest unit which makes products such as hatch
covers and cranes for ships, at around 850 million euros ($1.1
billion). That was 20 million euros lower than the average
estimate in a Reuters poll.
Group operating profit fell to 15 million euros from 37.5
million, missing all analysts' estimates in a Reuters poll.
Cargotec has been struggling to improve profitability for
the past few years as global economic uncertainty and a glut of
vessels, ordered before the financial crisis, have made shipping
companies hesitant about adding new ships.
The weak results come as newly hired Chief Executive Mika
Vehvilainen is considering spinning off MacGregor and listing it
in Singapore. Investors hope Vehvilainen can replicate his
success at turning around Finnair, Finland's flag
"We expect the listing to happen at the earliest at the
first half of 2014 ... The final listing decision depends on the
market conditions," Vehvilainen told a conference call.
MacGregor's first-quarter operating profit fell 67 percent
from a year earlier to 12 million euros, missing the consensus
forecast of 24.1 million euros.
The company said cost cuts launched last year would help
boost Cargotec's margins in the second half of the year and
reiterated its forecast for 2013 operating profit, excluding
restructuring costs, to be roughly unchanged from 2012. It
forecast full-year sales would fall slightly.
The shares were down 3.3 percent at 23.08 euros by 1020 GMT,
after falling to as low as 21.98 euros.
Pareto analyst Jari Harjunpaa said investors will need to
mark down their expectations for the year.
"This was such a big miss (that) they cannot reach market
expectations," he said.
Prior to Friday's results, the shares had appeared
relatively undervalued after a drop of over 20 percent in the
past year, with an enterprise value at 8.8 times EBITDA
(earnings before interest, tax, depreciation and amortisation)
compared with multiples of over 11 for rivals Konecranes
($1 = 0.7689 euros)
(Editing by Ritsuko Ando and Jane Baird)