KONE : A solid Q1, driven by services, despite still unfavourable trends in China
>Q1 2023 8% ahead of expectations at the adjusted EBIT level - Yesterday during trading, KONE published Q1 orders down 5.1% at constant forex and sales up 5.9% vs consensus forecasts of, respectively, -11.7% and +0.2%. The gross margin on orders improved slightly vs Q1 2022 for the third consecutive quarter, suggesting that price increases are beginning to pay off. Activity-wise, new equipment sales fell (-2.0% at constant forex), due to China (decline of more th...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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