January 28, 2020 / 10:49 AM / in a month

Elevator maker Kone disappoints with weak 2020 sales outlook

HELSINKI, Jan 28 (Reuters) - Finland’s Kone beat quarterly profit expectations on Tuesday but gave a weak sales outlook for 2020, sending shares in the elevator maker lower.

It forecast 2020 sales growth of 0–6% at comparable exchange rates, sending its shares 2.75% lower.

Kone reported a 15% rise in fourth-quarter adjusted operating profit to 367.5 million euros, edging the 363.3 million expected by 21 analysts in a poll provided by the company.

The company was due to make a bid on Jan 27 for the elevator business of Germany’s Thyssenkrupp, seen valued at around 15 billion euros, but did not confirm whether it had done so. (Reporting by Anne Kauranen and Tarmo Virki; editing by Jason Neely)

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