Kone is a manufacturer of elevators, escalators and automatic doors. Other related products and systems provided by the company include barriers, docking systems and traffic gates. The company's products are sold in all global regions through authorized distributors. Kone was founded in 1910 and is headquartered in Espoo.
KONE’s Q1 figures were quite well in line with our and the market's expectations. The overall picture of the report turned slightly to the positive side, driven by the order intake that slightly exceeded expectations.
The new import duties announced by the United States are causing headaches for several companies on the Helsinki Stock Exchange, in addition to generally weakening the global economic outlook and increasing uncertainty. Under the current US administration, situations can change rapidly, but according to the current plan, the tariffs should come into effect next Wednesday. The indirect effects of the current trade policy, and especially a potentially looming full-blown trade war, are likely to be greater for most companies than the direct effects, but in this compilation, we outline the potential effects of US import duties on various companies and sectors. This is our best estimate of the current impact, but the situation is evolving and uncertainty is now very high.
The opportunities offered by digital services and modernization were the two spearheads of KONE's Capital Markets Day and will underpin growth and profitability in the coming years.
KONE released its Q2 report on Friday, which came in slightly below our forecasts for key operating metrics. The company updated the upper limits of the guidance range slightly downward. We have made negative revisions to our forecasts for the current year, but the revisions, which are limited to the second quarter, have reduced our full-year earnings forecasts by a modest 2%.
KONE's Q4 figures were good. Order intake was a positive surprise and the adjusted EBIT margin and dividend were in line with expectations. The guidance given for 2024 was fairly broad and our projections are almost unchanged.
KONE's Q3 figures were pretty close to consensus but slightly below our expectations. KONE reiterated its 2023 guidance and the market outlook comments were also unchanged.
KONE’s Q2 figures were inconsistent. The order intake fell more than expected, but net sales, and especially profitability, surprised positively. KONE specified its 2023 guidance upward.
