Currency Headwinds Hit Kion's 1Q18; Waiting for Warehouse Orders; Share Price Remains Attractive
Kion's first quarter was in line on an underlying basis, but the U.S. dollar exposure hit reported figures. Warehouse equipment sales were up 9% adjusted for currency, and the segment's EBIT margin increased by 30 basis points, both solid results; however, orders were down 5% year over year. Based on robust first-quarter North America forklift demand, we are confident that warehouse equipment demand remains healthy. Group revenue grew by 7% adjusted for foreign exchange, and EBIT margin improved...Kion Group AG Formerly known as Kion Group AG (Pre-Reincorporation). Kion Group AG is a Germany-based supplier of industrial trucks, related services and supply chain solutions. The activities of the Company are divided into three segments: Industrial Trucks and Services, Supply Chain Solutions and Corporate Services. The Industrial Trucks and Services segment comprises forklift trucks, warehouse technology, counterbalance trucks, towing vehicles, as well as automated trucks and autonomous trucks. It operates through three international brands: Linde, STILL and Baoli, as well as through three regional brands: Fenwick (France), OM STILL (Italy) and OM Voltas (India). The Supply Chain Solutions segment offers integrated technology and software solutions, picking equipment, automated storage and retrieval systems, sorters, and conveyors, marketed under the Dematic brand. The Company is active in more than 100 countries across the world.
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