ZURICH Feb 14 Shares in elevator maker
Schindler fell on Friday after the company
posted weaker than expected results for 2013 and its order
intake slowed in the fourth quarter.
Shares were down 4.0 percent by 0903 GMT, making it the
worst performer in a 0.3 percent firmer European industrial
goods and services sector index. Finnish peer Kone
was trading 0.2 percent higher.
Schindler's net profit slid 37 percent to 463 million Swiss
francs ($517.69 million) last year, hit by a 219 million Swiss
franc impairment relating to Schindler's stake in Hyundai
Order intake was up 7.2 percent to 9.5 billion francs last
year, but rose only 3.6 in the fourth quarter, the group, which
also makes escalators, said in a statement, adding it expected
sales to rise by 6-8 percent this year.
Vontobel analyst Christian Arnold said orders, operating
profit and group profit slightly missed his expectations, adding
that Schindler underperformed its peer Kone last year.
Finland's Kone said last month it expects sales to grow 6-9
percent in 2014.
"We don't expect Schindler to close the valuation gap to
Kone for the time being and confirm our Hold rating," Vontobel's
($1 = 0.8944 Swiss francs)
(Reporting by Silke Koltrowitz. Editing by Jane Merriman)