Kone Margins Remain Under Pressure From Pricing in China and Raw Material Pricing
Kone's first-quarter results continued the trends of the fourth quarter, with good revenue growth but margin weakness due to pricing pressure in China and increasing raw material costs. Revenue grew by just under 11%, while orders grew by 7%. Reported growth was 3.3%, in line with our full-year forecast for just under 4% growth. Management guidance for 2018 includes an organic revenue growth rate of 3%-7%, implying slower expected growth in the coming quarters. The EBIT margin for the quarter wa...KONE is an elevator and escalator industry group based in Finland. Co. is engaged in the provision of products and services for the installation, modernization and maintenance of elevators, escalators and automatic building doors. Co. provides its products and services throughout the entire lifecycle of the equipment, beginning from the installation of new equipment to the maintenance and modernization during their lifecycle and the full replacement of the equipment. Co.'s customers are active in industry segments such as residential, office, retail, public transportation, hotel, hospital, and marine.
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