Schindler shares fall after missed 3Q expectations
Shares in Schindler Holding AG (SCHN.EB) lost ground Tuesday morning after the Swiss elevator maker posted weaker-than-expected results for the third quarter.
Currency headwinds and cost increases weighed down sales and profitability but Schindler nevertheless confirmed its guidance for local-currency sales growth of between 5% and 7%.
The group posted net profit of 230 million Swiss francs ($231 million) and earnings before interest and taxes of CHF313 million. Revenue came to CHF2.68 billion.
Schindler’s revenue, EBIT and net profit missed consensus by 1%, 3% and 5%, respectively, according to Vontobel analyst Bernd Pomrehn.
At 0821 GMT shares were down 6.7% at CHF207.80.
Analysts at Jefferies said the impact from currency swings and tariffs was expected and noted that the group still managed to deliver growth across all business lines.
UBS said the results were lighter than expected and predicted the reaction from investors to be "muted but relaxed."
The results are unlikely to trigger any major revisions in analyst estimates, UBS said.
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