A Look at Schindler’s 2024 Sales Targets

Schindler reiterated its full-year revenue guidance for low single-digit percentage growth, cutting expectations for new installations in China, Reuters reports. Chinese installations outpaced the rest of the Asia-Pacific in units and value in the first quarter, but weakness in the country’s construction activity would likely weigh on future orders, according to Schindler, which expects new installations in China to decline by more than 10% this year, compared to the 5% to 10% forecasted drop. But, with Schindler’s limited exposure to China — the country made up just 15% of the company’s revenue last year — sales and profits would not be too impacted. Schindler’s quarterly order intake fell 3.4% to 2.79 billion Swiss francs (US$3.07 billion) on a reported basis. In local currencies, orders were up 2.5% from a year earlier. First-quarter revenue fell 4.4% on a reported basis to 2.67 billion francs (US$2.93 billion) but was up 1.1% in local currencies as modernization and service business growth offset a decline in new installations, the company said. Earnings before interest and tax (EBIT) rose 10.9% to 292 million francs (US$320.6 million), beating a consensus estimate of 278 million francs (US$305.23 million).