HELSINKI (Reuters) – Finnish elevator maker Kone <KNEBV.HE> reported on Thursday that its quarterly profits fell more than expected due to factors including intense price competition and higher costs.
Third-quarter adjusted operating profit fell 15 percent from a year ago to 274 million euros ($313 million), missing analysts’ average expectation of 308 million euros in a Reuters poll.
“The development of our adjusted EBIT margin was clearly unsatisfactory,” Kone’s chief executive Henrik Ehrnrooth said in a statement.
Kone also lowered its full-year profit forecast to a range of 1.10-1.15 billion euros from a previous outlook of 1.10-1.20 billion euros.
Shares in the company fell 1.9 percent by 0948 GMT.
($1 = 0.8763 euros)
(Reporting by Anne Kauranen, editing by Jussi Rosendahl)