Schindler Raises 2023 Revenue and Net Profit Forecast

Swiss elevator maker Schindler lifted its 2023 revenue and net profit forecast on October 19, saying its services business continued to grow while new installations declined less than the market, Reuters reports. Schindler now expects revenue growth between 6% and 8%, as well as net profit to reach between 880 million Swiss francs (US$978.54 million) and 910 million francs (US$1018.58 million) for the full year. The company previously aimed for revenue growth of 5% to 8% and net profit of 860 million (US$962.20 million) to 900 million francs (US$1108.11 million). Schindler is well-placed among competitors as its China exposure is lower than that of its peers and most of its earnings come from the services business, rather than new installations. China has struggled with weakening demand and a deepening property crisis that pushed Beijing to roll out support measures, the source reports. The Chinese market makes up around 15% of Schindler sales. Net profit in the July-September period came in at 228 million Swiss francs (US$255.20 million), beating analyst estimates of 214 million (US$233.53 million), according to a company-provided poll.