KONE : Questions over 2024 outlook given weak orders in Q2
>Q2 11% better than expected at adjusted EBIT level but orders down by over 8% - KONE yesterday reported, during trading, Q2 orders down 8.1% on constant currencies and sales up 16.1%, compared to a consensus of respectively -4.1% and +9.2%. Orders in China were down by a little under 20%. The gross margin on orders stabilised in sequential terms and improved on Q2 2022, for the fourth quarter in a row, showing that price hikes are paying off. Business-wise, new ...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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