Schindler raises 2020 guidance on China boost
Adds context and peer performance
Oct 23 (Reuters) - Swiss elevator and escalator manufacturer Schindler SCHP.S raised its full-year revenue and net profit guidance on Friday, citing increased activities in key markets, including China.
The company raised the lower range of its 2020 revenue outlook and now sees a 0-3% decline in sales, compared to the previous outlook of a 0-6% fall. It sees full-year net profit of 720-760 million Swiss francs ($793-$837 million), compared to the previous forecast of 680-720 million francs.
The Chinese market, which accounts for 14% of Schindler's sales, locked down after the new coronavirus emerged there late last year, but rebounded swiftly, and in September HSBC said it expected the country's GDP in 2020 to grow by 2.4% year-on-year.
On Thursday, Finnish rival Kone reported an expected increase in third-quarter profit as demand for elevators and escalators picked up in China, but said rising competition from other engineering groups had put pressure on pricing.
Schindler's third-quarter net profit fell 3.7% from the previous year to 235 million francs.
($1 = 0.9077 Swiss francs)
(Reporting by Bartosz Dabrowski in Gdansk; Editing by Muralikumar Anantharaman)
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