Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Elevator maker Kone hikes outlook as Q1 profit, orders beat forecasts

Published On :

Elevator maker Kone hikes outlook as Q1 profit, orders beat forecasts

(Reuters) -Finnish elevator maker Kone raised its 2023 sales outlook on Wednesday after its first-quarter profit beat market expectations supported by strong demand in its modernization business.

Kone shares traded around 4% higher at 1041 GMT.

The Helsinki-listed company sees full-year sales “somewhat above” 2022 levels at comparable exchange rates. It had previously guided for 2023 sales in line with last year’s.

Kone said it still expects construction activity in China, which makes up about 30% of its total sales, to start recovering towards the end of the first half of 2023.

Global supply chain disruptions eased at the turn of the year, aided by the end of aggressive COVID-19 lockdowns in China.

Kone’s adjusted operating profit rose 23.1% to 241.9 million euros ($267.18 million) in the first quarter, ahead of analysts’ estimate of 221.6 million euros in a company-provided poll.

Order momentum was solid considering the market backdrop,” CEO Henrik Ehrnroot said in an earnings statement.

Kone’s order intake fell 6.6% in the quarter to 2.26 billion euros, but exceeded the 2.14 billion euros expected by analysts.

Orders for new equipment were weighed down by low activity in Kone’s main market China, where property developers’ access to financing remained constrained in the quarter, Ehrnroot said.

Kone expects the new equipment market in China to decline “close to” 10% this year. It had earlier forecast a decline of “somewhat over” 10%.

Meanwhile, its services business delivered “yet another excellent quarter”, Ehrnroot said.

($1 = 0.9054 euros)

(Reporting by Greta Rosen Fondahn and Elviira Luoma in Gdansk; Editing by Milla Nissi, Alexandra Hudson)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts