KONE : Q3 undershoots expectations, China marking time
>A Q3 that undershot expectations (-7% at the adjusted EBIT level) - Yesterday, KONE published a 10.9% increase in order intake at constant currencies for Q3 2021, with a 1.3% decline in sales, compared with, respectively, +6.3% and +2.8% for the consensus. The decline in activity came as a negative surprise to the market and was exclusively attributable to new equipment (-6.5% at constant exchange rates), while services remained on an uptrend (+5.5%). The group menti...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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