Kone: raises sales outlook as orders pile up
(CercleFinance.com) - Finnish lift and escalator maker Kone raised its sales growth outlook for the year after orders continued to grow "at a good rate" in the third quarter.
Kone shares are up over 2% today, after the company reported that operating profit rose to 314 million euros in the past quarter, from 258 million euros a year ago.
Sales grew by 11.7% to 2.55 billion euros: at comparable exchange rates, they grew by 9.4%. Orders received jumped by 9.6% to over 2 billion euros.
Chief executive Henrik Ehrnrooth said that the group's operating margin improved as a result of better pricing and greater efficiency. The company raised its forecast for 2019 sales growth to 5%-8%, from 4% to 7% previously.
It also forecasts its full-year operating profit to be in the range of 1.19 billion-1.25 billion euros, rather than 1.17 billion-1.25 billion euros previously expected.
Kone shares, which have risen over 29% this year, are up a further 2.2% at 54.6 euros.
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