Kone orders beat expectations on strong China demand

By: | at 03:58 PM | Ports & Terminals  

Finnish elevator maker Kone reported stronger-than-expected orders for the fourth quarter thanks to strong demand in China.

Kone reported a 14 percent rise in fourth-quarter operating income from a year earlier to 293 million euros ($400 million). While that was in line with expectations, orders received in the quarter rose to 1.47 billion euros beating the average market forecast of 1.37 billion euros according to a Reuters poll.

Chief Executive Matti Alahuhta separately announced he would be stepping down and would be replaced by CFO Henrik Ehrnrooth. (Reuters)


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