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KONE Corp Raises FY 2013 Sales and Operating Income (EBIT) Outlook


Wednesday, 11 Sep 2013 08:10am EDT 

KONE Corp announced that the Company has upgraded its sales and operating income (EBIT) outlook for the fiscal year 2013. KONE now estimates its net sales to grow by 11-14% at comparable exchange rates as compared to 2012. For the fiscal year 2012 the Company reported revenues of EUR 6,276.80 million. KONE's operating income (EBIT) is now expected to be in the range of EUR 920-955 million, assuming that translation exchange rates do not materially deviate from the situation of the beginning of September 2013. Previously KONE expected its net sales to grow by 9-11% at comparable exchange rates as compared to 2012. The operating income (EBIT) was expected to be in the range of EUR 890-920 million, assuming no material deviation in translation exchange rates from the situation of the beginning of 2013. According to I/B/E/S Estimates analysts on average are expecting KONE to report revenue of EUR 6,936.51 million and EBIT of EUR 928.04 million for the fiscal year 2013. The primary reason for the upgrades is the business impact of the improved liquidity situation in the Chinese economy, as a result of which KONE's new equipment deliveries in China have during the third quarter been stronger than expected. In addition, a better than expected productivity development in KONE's production network improves KONE's operating income (EBIT) outlook. 

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