April 26, 2019 / 5:06 AM / a month ago

Schindler posts surprise fall in quarterly profit on higher input costs

April 26 (Reuters) - Swiss elevator and escalator maker Schindler posted a surprise fall in first-quarter net profit on Friday, hurt by higher material costs, wage inflation, and planned increase in expenditure on strategic projects.

Net profit declined 5.3 percent from a year earlier to 197 million Swiss francs ($193 million), compared to 215 million francs expected by analysts in a Reuters poll.

Sales grew 4.4 percent to 2.58 billion francs, compared to the poll average of 2.57 billion francs.

Orders advanced 5.2 percent to 2.97 billion francs, beating the poll average of 2.91 billion francs.

For the fiscal year 2019, Schindler reiterated its revenue growth guidance of between 4 pct and 6 percent in local currencies. ($1 = 1.0200 Swiss francs) (Reporting by Bartosz Dabrowski; Editing by Subhranshu Sahu)

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