Elevator-maker Kone trims outlook as Q1 profit misses forecast

2022.04.27 12:51

Logo is displayed in an elevator at the KONE Academy of Finish elevators and escalators manufacturer KONE in Hanover, Germany, February 6, 2020. Picture taken February 6, 2020. REUTERS/Fabian Bimmer

HELSINKI (Reuters) – Elevator-maker Kone posted weaker-than-expected first-quarter core earnings on Wednesday, burdened by supply chain constraints and a decline in its China business, and trimmed its full-year sales and earnings outlook.

January-March operating profit fell to 171.1 million euros ($181.6 million) from 249.8 million euros a year earlier, missing the 225.8 million euro estimate of ten analysts polled by Refinitiv.

($1 = 0.9423 euros)

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