February 14, 2020 / 5:53 AM / 14 days ago

Schindler 2019 profit beats forecasts, says coronavirus to hit results

ZURICH, Feb 14 (Reuters) - Elevator maker Schindler on Friday reported 2019 profit that beat analysts expectations and said it expects up to 5% growth in 2020 sales despite the coronavirus outbreak, which it concedes will likely affect operations and results.

Net profit fell to 929 million Swiss francs ($948.15 million), from just over 1 billion francs in 2018. Still, it beat the 890 million francs in a median forecast of 16 analysts in a Refinitiv poll. Sales rose 3.6% to 11.27 billion francs, compared to the 11.3 billion franc forecast in the poll.

“We now have to recognize that the coronavirus pandemic will have implications on operations and results,” the company said in a statement. “Nevertheless, Schindler expects for 2020, excluding any other unforeseeable events, to continue growing faster than the market, with revenue increasing between 0% and 5% in local currencies.” ($1 = 0.9798 Swiss francs) (Reporting by John Miller Editing by Michelle Martin)

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