Elevator manufacturing and service company Kone (OMX: KNEBV) reported strong quarterly earnings. Net sales grew by nearly 18% to 1.24 billion Euros. Operating income (EBIT) of 132.7 million is considerably better than expected. Cash flow from operating was almost 250 million and orders received in the period advanced to 1.37 billion.
Kone is raising its 2012 outlook as a result of the strong oder inflow and favourable material cost development compared to expectations. The company now expects 10-15% (8-13%) sales growth, EBIT of 750-800 (730-790) million. The stock has climbed almost 10% immediately following the news.
Growth in Asia-Pacific continued, even if it a lower rate, recovery in North America continues and new equipment deliveries were down slightly from a very high level in Central and Northern Europe. Situation in Southern Europe remains weak. The company expects more of the same going forward.
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