Elevators and escalators manufacturer KONE Corporation (OMXH: KNEBV) reported another set of strong earnings this week. Orders received for April-June 2011 were up by 21% at comparable exchange rates. Net sales totaled 1.286 billion Euro and operating income was 14.3% of net sales at 184.5 million. Operating cash flow dropped to around 130 million.
KONE says that there haven’t been any substantial changes in market trends during second quarter of 2011. CEO Matti Alahuhta was particularly happy about the order intake and highlighted the fact that in addition to fast growth in Asia-Pacific, Central and North Europe region also grew orders fast.
KONE maintains its 2011 outlook of 0-5% sales growth at comparable exchange rates and EBIT in the range of 700-750 million. KONE is valued with a rather high multiple and traded relatively unchanged for the week. Full interim report in pdf is available from here.
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