Elevator maker KONE Corporation (OMXH: KNEBV) maintained its strong recent run. Net sales of 1554 million, operating income of 208,5 million excluding one-off charge and nearly 200 million cash flow toppled comparison period while net income was slightly lower than last year at 134 million, EPS of 0.52 EUR. After more than one and a half billion worth of new orders received, the order book stands above 5.3 billion Euros. The said charge relates to support function development and cost adjustment programs targeting annualized savings of around 35 million Euros by the end of 2013.
Asia-Pacific region accounted for 36% of total sales in Q2 and much of the orders received growth could also be traced back into the region. New equipment sales were more than half of the sales (51%) due to strong sales growth but services revenue stays strong too. The Finnish company raises outlook a notch. Net sales are expected to grow by 12-17% (10-15%) at comparable exchange rates. Operating income excluding one-time costs is estimated to be in the range of 760-820 million Euros (750-800 million).
Asia-Pacific new equipment sales are expected to remain stable or grow compared to H2 of 2011 during the second quarter of the year. Markets in Central and North Europe may decline slightly while South European sales are expected to fall even further from already depressed level. North America should see continued gradual recovery from a weak level.
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