July 18, 2019 / 10:07 AM / 4 months ago

Elevator maker Kone boosts second-quarter sales and profits

FILE PHOTO: Finnish company KONE flag flutters at their headquarters in Espoo, Finland July 17, 2018. REUTERS/Ints Kalnins

HELSINKI (Reuters) - Finnish elevator maker Kone (KNEBV.HE) on Thursday reported a rise in second-quarter sales and profits, boosted by growth in Asian markets and adjusted forecasts for sales and profits for the full year.

The company said its second-quarter sales rose 9% from a year earlier to 2.54 billion euros (£2.29 billion), with pretax profit rising 7% to 310 million.

Analysts expected on average the company to report sales of 2.45 billion euros and pretax profit of 327 million in a Refinitiv poll.

“In the second quarter, we had a good performance on many fronts. I’m especially pleased that our orders received continued to grow at a very good rate and that the margin of orders is now improving,” Chief Executive Henrik Ehrnrooth said in a statement.

Kone said it won orders worth 2.31 billion euros in the quarter, 9% more than a year earlier.

Shares in Kone were up 1.5 percent at 52.04 euros.

Kone forecast its 2019 sales would grow 4-7% at comparable exchange rates, with 2019 adjusted EBIT in a range of 1.17-1.25 billion euros.

It had in April forecast sales growth of 3–7%, with adjusted EBIT of 1.16-1.26 billion euros.

Reporting by Tarmo Virki, Editing by Jane Merriman

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