The elevator and escalator manufacturer Kone Corporation is raising its forecast for this year’s result. Kone believes that it’s turnover will decline by between 0 and 5 per cent. In January the company expected a full five per cent decline.
Kone expects to report an operating income of EUR 580 and 620 million. In January the forecast was slightly lower at both ends.
Kone’s share price surged by three per cent surge immediately after the result was made public on Tuesday.
In its report for January-March Kone said that orders had increased by more than EUR 300 million to EUR 3.6 billion. In January-March turnover was EUR 1,003 million, which is 18 million less than at the same time last year. However, business profit rose from last year to EUR 109 million.
“I am very pleased with our performance in the first quarter. Orders received was approximately at the same level as a year ago, even though new equipment markets continued to be weak in Europe and the Americas. Operating income grew by 19.1% and both operating income and cash flow were at record high first quarter levels”, said CEO Matti Alahuhta in the corporation’s interim report.
