April 25, 2018 / 10:01 AM / 3 months ago

Elevator maker Kone posts first quarter profit down 11 percent year-on-year

HELSINKI (Reuters) - Elevator maker Kone (KNEBV.HE) reported on Wednesday falling quarterly profits, citing price pressure in China, higher raw material prices and unfavorable foreign exchange rates.

Adjusted operating profit in the first quarter fell 11 percent from a year ago to 218 million euros ($266 million), compared with analysts’ average forecast of 212 million euros in a Reuters poll.

The Finnish company said it expected sales to grow 3-7 percent this year at comparable exchange rates but core operating profit to be in the range of 1.10-1.20 billion euros, compared with 1.21 billion euros in 2017.

($1 = 0.8191 euros)

Reporting by Jussi Rosendahl, editing by Gwladys Fouche

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