Schindler’s 1Q 2023 Profit Beats Analysts’ Estimates

Photo: ricochet64 / Shutterstock.com

Swiss OEM Schindler reported net profit of CHF212 million (US$237.4 million) for the 1st quarter of 2023 ending on March 31, beating analysts’ estimates of CHF166.5 million (US$186.4 million), Today was among outlets to report on April 20. Growth in Schindler’s repair and maintenance business, along with a stabilizing supply chain, helped overcome inflation and weakening demand for new equipment. Schindler also said a decline in new installations in China, which makes up 17% of sales, has begun to slow. “Aggressive” COVID-19 lockdowns in China have ended, which bodes well for deliveries of new elevator and escalator equipment. Also contributing to Schindler’s positive 1st quarter results were restructuring measures including a digitization program and a one-off real estate deal that resulted in a gain of CHF46 million (US$54.8 million).

Get more of Elevator World. Sign up for our free e-newsletter.

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

Rendering of the outdoor elevator; image via The Japan News

Japan Castle To Get Outdoor Elevator

Inside the Chhatrapati Shivaji Maharaj International Airport; photo by Robert Polidori for SOM

Lack of Adequate VT Sparks Concern in Mumbai, India

The Alpha Matar team; image courtesy of Alpha Matar

Alpha Matar Signs Cooperation Protocol With Sunrise Hotels Group

Images courtesy of KONE

KONE Celebrates 115th Anniversary

SDSU PARKING ELEVATORS OPERATING WITH EXPIRED PERMITS

SDSU Parking Elevators Operating With Expired Permits

Grone

NEII Congratulates Grone on Retirement

SCHINDLER REFLECTS ON 2025 CHALLENGES, REWARDS

Schindler Reflects on 2025 Challenges, Rewards

Techno International Airport; image courtesy of Otis

Otis Provides 118 Units for New Cambodia Airport