KONE Reports Boost in Q3 Orders from China

KONE reported better than expected new orders for the third quarter, boosted by strong momentum in Chinese orders, Reuters reports. The company, which makes around a third of its sales in China, saw orders received fall by 7.7% to EUR1.99 billion (US$2.10 billion) in Q3, but beat analysts’ estimate of EUR1.98 billion (US$2.08 billion) in a company-provided poll. KONE had previously said that it expected the new equipment market in China to decline between 10% and 15% this year. “From a regional perspective, India and the Middle East were the highlights,” CEO Henrik Ehrnrooth noted in an earnings statement. KONE’s adjusted earnings before interest and taxes rose by 3.3% to EUR315.9 million (US$332.6 million) in the quarter.