April 26, 2018 / 5:21 AM / 7 months ago

Kion first-quarter order intake hit by slower growth, profit rises

FRANKFURT (Reuters) - German logistics company Kion’s (KGX.DE) order intake missed analyst expectations even as the Germany-based forklift truck maker posted a rise in first-quarter operating profit and an improved margin.

Adjusted earnings before interest and taxes (EBIT) rose 4.2 percent to 157.9 million euros (137.85 million pounds). The adjusted EBIT margin improved to 8.6 percent in the first quarter from 8.4 percent in the year-earlier period, Kion said.

Kion said the market for forklift trucks and warehouse technology expanded at a slower rate than last year. The company’s order intake reached 1.89 billion euros, below the 1.98 billion expected by analysts. New truck orders rose 12 percent to around 392,600 units in the first quarter.

Kion reiterated its full-year outlook and said it expected order intake, revenues, and adjusted EBIT to increase in 2018.

Reporting by Edward Taylor; Editing by Maria Sheahan

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