Kone: Q2 net profit more than halved

(CercleFinance.com) - Kone has announced that its total sales reached 2.
5 billion euros in Q2, down 9.1% y-o-y (or -15.2% at comparable exchange rates).

Meanwhile, adjusted EBIT reached 209 million euros, down 44%. Kone also reported a 51.6% drop in pre-tax profit to 180 million euros and a 51.9% y-o-y drop in net profit to 138 million euros.

EPS reached 0.26 euro, again under half the 0.55 euro announced twelve months ago. H1 sales came in at 5 billion euros, down 8.5% at comparable exchange rates.

All said, Kone has announced that it is targeting sales growth in 2022 of between -1% and +3% at comparable exchange rates compared with 2021, below its previous target range of +2% to +5%.

Adjusted EBIT is expected at 1,130 to 1,210 million euros, again below its previous forecast of 1,180 to 1,280 million euros.

The shares are flat on these announcements today.


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