Hiab reported a drop in third-quarter profit and sales, citing the impact of trade tensions on its business in the U.S.
The Finnish load-handling solutions provider said its comparable operating profit fell 24% to 40 million euros for the July-to-September period from a year earlier.
Sales for the quarter decreased by 11% to 346 million euros, the company said.
Hiab attributed the weaker performance to "elevated market uncertainty caused by the increased trade tensions."
"The impacts were particularly visible in the US market, where both our orders and sales decreased," President and CEO Scott Phillips said in a statement.
The decline in the company's equipment business was partially offset by its services division, where sales grew 4% to 116 million euros.
The results follow the company's recent strategic shift, which included the sale of its MacGregor marine cargo business that was completed on July 31.
Hiab maintained its full-year outlook, estimating its comparable operating profit margin for 2025 will be above 13.5%.
To address the market headwinds, the company is planning a program targeting approximately 20 million euros in cost savings in 2026.
More from this issuer
Related coverage
Hiab reported a drop in third-quarter profit and sales, citing the impact of trade tensions on its business in the U.S.
Hiab said Monday its board of directors has approved the payment of a special dividend following the completion of the sale of its MacGregor business.
Hiab said Thursday it has received the final regulatory approval from China's market regulator, clearing the way for the sale of its MacGregor business to funds managed by Triton.
Hiab said the closing of the sale of its MacGregor business to funds managed by Triton has been delayed as it awaits regulatory approval from China.