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Earnings

Schindler reports lower first-quarter profit due to coronavirus crisis

FILE PHOTO: The logo of Swiss elevator maker Schindler is seen during the annual news conference in Zurich, Switzerland February 14, 2020. REUTERS/Arnd Wiegmann/File Photo

(Reuters) - Swiss elevator and escalator maker Schindler SCHP.S said on Wednesday its first-quarter net profit fell 36.5% from previous year as the global coronavirus crisis led to the shut down of production plants and construction sites in several countries.

Sales in January-March amounted to 2.45 billion Swiss francs ($2.53 billion), which was above the forecast of 2.33 billion francs in a Refinitiv poll, but about 5.2% less than 2.58 billion francs reported in the previous year.

The company reiterated its 2020 guidance, which was lowered in March, and expects revenue to fall by between 0% and 10% in local currencies, and net profit to be around 20% lower than in 2019.

Reporting by Bartosz Dabrowski in Gdansk; Editing by Kim Coghill

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