Kone: share rises as 2024 forecasts refined

(CercleFinance.com) - Kone shares are up nearly 5% on Wednesday after the Finnish group refined its sales and margin forecasts for 2024, an announcement welcomed by analysts.


The elevator and escalator manufacturer said it expects sales growth at constant exchange rates for the current year to be between 0% and 5%, against a market consensus of +2%.

The group previously forecast flat or slight sales growth.

It also expects adjusted Ebit of 11.5% to 12.3%, compared with 11.4% in 2023, against a consensus target of 12.1%.

Q1 adjusted operating profit rose by 8% year-on-year to E262.4m, in line with consensus.

Sales rose by 0.5% to E2.5bn, again in line with consensus.

Kone says this performance was underpinned by business in India, Southwest Asia and North America, but that the sluggish Chinese property market weighed on orders.

At around 10:45 a.m., Kone shares were up 4.7%, outperforming the STOXX Europe 600 industry index, which was flat.


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