Kone: shares fall despite stronger-than-expected 2017 sales
(CercleFinance.com) - Kone reported better-than-expected full-year 2017 sales on Friday, although this news failed to boost its shares on the Helsinki market.
The Espoo-based lift maker reported sales that are up 4.2% at comparable exchange rates at 8.9 billion euros, beating the previous estimate of 1%-3% growth.
In its statement, Kone said fourth-quarter sales were higher than expected, due to strong new equipment deliveries.
However, preliminary adjusted EBIT for full-year 2017 was 1.23 billion euros, within the previously provided estimate range of 1.20-1.25 billion euros.
And while Kone said 2018 sales are estimated to grow at around a similar rate as in 2017 at comparable exchange rates, the company warned that pressure on EBIT margin is expected to continue this year.
As a result, the shares were down 2.7% at 44.6 euros in late morning trading today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Espoo-based lift maker reported sales that are up 4.2% at comparable exchange rates at 8.9 billion euros, beating the previous estimate of 1%-3% growth.
In its statement, Kone said fourth-quarter sales were higher than expected, due to strong new equipment deliveries.
However, preliminary adjusted EBIT for full-year 2017 was 1.23 billion euros, within the previously provided estimate range of 1.20-1.25 billion euros.
And while Kone said 2018 sales are estimated to grow at around a similar rate as in 2017 at comparable exchange rates, the company warned that pressure on EBIT margin is expected to continue this year.
As a result, the shares were down 2.7% at 44.6 euros in late morning trading today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.