February 14, 2014 / 9:26 AM / 4 years ago

Schindler shares down as results disappoint

ZURICH, Feb 14 (Reuters) - 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 Arnold said. ($1 = 0.8944 Swiss francs) (Reporting by Silke Koltrowitz. Editing by Jane Merriman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below