Kone: cuts outlook for 2020

(CercleFinance.com) - Finnish elevator maker Kone on Monday cut its outlook for 2020 due to the impact of the COVID-19 outbreak, saying that its sales could now actually fall this year.


The company now estimates that its sales will decline or be stable at best at comparable exchange rates relative to 2019.

The rate of decline will depend on the duration and severity of the government measures and the pace of recovery, it said.

Kone previously estimated sales growth of 0-6% this year at comparable exchange rates.

Meanwhile, it expects its adjusted EBIT margin to decline somewhat or at best be stable, the group added.

Copyright (c) 2020 CercleFinance.com. All rights reserved.