Schindler’s 1Q 2023 Profit Beats Analysts’ Estimates

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).