KONE will publish its third quarter results on
Business outlook for 2020:
KONE now estimates that in 2020, its sales growth will be in the range of -1% to 2% at comparable exchange rates as compared to 2019. The adjusted EBIT margin is expected to be in the range of 12.1% to 12.7%.
For the full year, foreign exchange rates are estimated to impact the adjusted EBIT negatively by around
Previous business outlook: KONE previously estimated its sales growth to be in the range of -4% to 0% at comparable exchange rates as compared to 2019. The adjusted EBIT margin was expected to decline slightly or to be stable at best (2019 adjusted EBIT margin: 12.4%).
Market outlook for 2020:
KONE also upgrades the 2020 outlook for the Chinese new equipment market. Otherwise, the market outlook for 2020 is unchanged.
The new equipment market is expected to grow in
The maintenance markets are expected to be resilient, excluding the direct impacts of the lockdown measures. In the modernization markets, the fundamental growth drivers are intact, but uncertainty could delay decision-making in modernization projects.
Previous outlook for Chinese new equipment market in 2020: The new equipment market was expected to be relatively stable in
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About KONE
At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2019, KONE had annual sales of
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