HELSINKI, FINLAND — Cargotec Corp. reported on July 21 that net income was €27.4 million ($29.82 million), up from a loss of €9.3 million in the same period a year earlier.

Earnings per share were €0.43 compared to a loss of €0.15 last year. Operating profit for the quarter ending in June increased to €54.9 million ($59.75 million) from a loss of €6 million for the same period a year earlier.

Excluding restructuring costs, operating profit was €58 million, up from €4.7 million a year earlier. Sales increased 16% to €936 million from €804 million a year earlier.

“In the second quarter, market activity and orders were healthy in Kalmar and Hiab, but orders for MacGregor remained low due to a challenging shipping market,” said Cargotec's President and Chief Executive Officer Mika Vehviläinen. “Our sales developed favorably during the quarter. The development of Hiab and Kalmar's operating profit margin during several quarters shows that profit improvement measures have yielded sustainable results. We cannot be satisfied with profitability in MacGregor. However, effectiveness and cost savings programs are progressing as planned and we continue with our determined efforts to safeguard MacGregor's profitability.”

For the first six months of the year, Cargotec reported net income of €63.9 million, up from €3.6 million in the same period a year earlier.

Operating profit was €106.2 million, up from €17.8 million. Excluding restructuring costs, operating profit was €110.3 million, up from €29.3 million. Sales increased 17% to €1.825 billion.

Cargotec said 2015 sales are expected to grow from 2014. Operating profit excluding restructuring costs for 2015 is expected to improve from 2014.

“I am delighted to state that Kalmar and Hiab completed their profit improvement programs - begun in 2013 - ahead of schedule. Efficiency improvement in these business areas continues, but the focus is shifting towards profitable growth,” Vehviläinen said. “We have determinedly invested in product development and our offering. Hence, I am convinced that we can provide our customers with significant added value in their cargo handling needs. We will also continue developing our service business in all business areas.”