Kone: lift down as results and forecasts disappoint

(CercleFinance.com) - Finnish elevator and escalator manufacturer Kone was shunned on the stock market Friday morning following the publication of weaker-than-expected quarterly results and a slight downward revision of its targets.


Q2 operating profit rose by 18% y-o-y to E335m, below analysts' expectations, who were targeting an average of E344m.

Sales fell by 1.2% to E2.8bn, also missing the consensus, albeit by a fraction of 0.1% at constant exchange rates.

According to analysts, these two factors more than offset the fact that order intake exceeded expectations.

Orders rose by 2.3% to over E2.3bn, 2% above consensus.

Another disappointment was Kone's statement that it now expects sales to rise by 0% to 4% this year at constant exchange rates, and an adjusted operating margin of between 11.5% and 12.2%.

The group previously forecast sales growth of 0% to 5%, and an operating margin of between 11.5% and 12.3%.

At 10:15 a.m., Kone shares were down 1.2% in the wake of this publication, while the STOXX Europe 600 Industrials index of European industrial stocks was down less than 0.6% at the same time.


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