Kone's 2Q Results Continue the Pricing Pressure Theme With Some Relief in Sight; Shares Fully Valued
Pricing pressure in China continues to depress Kone's top-line growth, while raw material prices have been hurting margins. Kone reported 3% organic revenue, with growth in Europe offset by a decline in Asia, where the pricing environment in China remains more competitive relative to other markets. The EBIT margin declined by 150 basis points year over year to 12.9% due to raw material price pressures. This has been the theme for the past few quarters, but we expect some improvement by year-end...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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