February 14, 2019 / 6:15 AM / 4 days ago

Swiss elevator maker Schindler posts in-line 2018 profit as demand grows

(Reuters) - Swiss elevator and escalator maker Schindler said on Thursday its full-year net profit rose 14 percent to 1.01 billion Swiss francs ($1.00 billion), citing a slight rise in demand for new installations around the globe, with a modest increase in China.

Schindler was able to grow despite material costs and wage inflation, continued pricing pressure, and the return of foreign exchange headwinds, the company said.

Analysts had expected net profit of 1.00 billion Swiss francs on average, according to a Reuters poll.

Orders for 2018 rose 6.2 percent to 11.67 billion francs, beating the poll average of 11.58 billion francs.

For fiscal year 2019, Schindler expects to continue growing faster than the market, with revenue seen up between 4 percent and 6 percent in local currencies.

Reporting by Bartosz Dabrowski; Editing by Maria Sheahan

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