FRANKFURT (dpa-AFX) - Preliminary quarterly figures and annual targets that were raised by a majority of shareholders caused Kion to experience sharp price swings on Friday afternoon. After an initially negative reaction, the shares of the industrial services provider jumped upwards, only to slide again afterwards - the last reading was a minus of 0.4 percent.

Kion now expects adjusted operating profit (Ebit) for 2023 to be slightly higher than before and also raised its cash inflow target. In contrast, Kion revised its sales outlook slightly downward.

The company did exceed market expectations in the past quarter, market observer Andreas Lipkow wrote. But investors are already looking ahead to the coming year and see economic headwinds coming for the industry. Therefore, they tended to reduce their holdings in small caps in favor of Dax stocks./gl/men