KONE Expects Stable or Slightly Higher Sales This Year

KONE expects 2024 sales to remain stable or grow slightly in 2024 as weak consumer sentiment continues to hinder sales in China — representing about a third of the company’s sales — and strong demand in India and Southeast Asia persists, Reuters is among outlets to report. In an earnings statement, KONE CEO Philippe Delorme said sales grew by 5% at comparable exchange rates as the Finnish elevator and escalator manufacturer “regained momentum in orders received.” At EUR10.95 billion (US$11.89 billion), KONE’s 2023 sales fell slightly below analysts’ estimates as Delorme said the company improved its profitability with good cash conversion. In the fourth quarter of 2023, sales grew by 0.7% and orders received increased by 10.5% to EUR2.5 billion (US$2.2 billion). “All of this gives us a good starting point for 2024,” Delorme said.