FRANKFURT (Reuters) - German forklift truck maker Kion (KGX.DE) reported a 45 percent jump in first-quarter orders, driven by Eastern Europe, Asia and newly acquired supply-chain technology supplier Dematic, disappointing a market that had expected a stronger rise.
Orders in the quarter came to 1.88 billion euros (1.57 billion pounds), Kion said on Thursday - well below the average estimate of 1.97 billion euros in a Reuters poll.
Kion’s shares fell 3.1 percent to 60.40 euros in early trade.
Truck orders rose 12 percent, and revenue grew significantly in Germany, Britain, Italy, Spain and eastern Europe, while demand from China was strong, Kion said. Supply-chain orders more than doubled.
Orders in the wider truck market grew 19 percent, as Russian and Brazilian demand rebounded and China continued a strong upward trend. Western Europe grew by 11 percent.
“Germany’s growth was slightly slower than that of the western European market as a whole, while a hesitation to invest in the United Kingdom was reflected in a decline in orders,” Kion said in a statement.
“Order intake disappoints,” a Frankfurt-based trader wrote in a note. “Report should trigger profit-taking.”
First-quarter revenue jumped 48 percent to 1.81 billion euros, broadly in line with expectations, adjusted core profit (EBITDA) rose 37 percent to a better-than-expected 263 million euros, while net income of 42 million was short of expectations.
Kion confirmed its full-year outlook.
(This version of the story corrects order details, paragraphs four and five).
Reporting by Georgina Prodhan; Editing by Maria Sheahan