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Elevator maker Kone's 2019 outlook misses analyst forecasts

Elevator maker Kone's 2019 outlook misses analyst forecasts
FILE PHOTO: Finnish company KONE flag flutters at their headquarters in Espoo, Finland July 17, 2018. Picture taken July 17, 2018. REUTERS/Ints Kalnins   -   Copyright  INTS KALNINS(Reuters)
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HELSINKI (Reuters) – Finnish elevator maker Kone <KNEBV.HE> on Thursday reported higher fourth-quarter profit roughly in line with market expectations, but the company’s guidance for 2019 missed analyst forecasts.

Kone shares were down 2.8 percent at 1112 GMT, compared with a 0.9 percent drop before the earnings report was released.

Analysts at Jefferies said the adjusted EBIT guidance range meant consensus was currently at the upper end of the range and would likely see earnings forecast adjusted lower.

The company said its adjusted fourth-quarter operating profit rose to 320 million euros (278.17 million pounds) from 303 million a year earlier, close to analysts’ expectations of 323 million.

Kone said it expected its adjusted operating profit to return to growth in 2019 to between 1.12 billion and 1.24 billion euros. The mid-point of the company’s forecast range is 1.18 billion euros, which compares with analysts’ forecasts for 1.23 billion in a Reuters poll.

(Reporting by Anne Kauranen, editing by Johannes Hellstrom and Jane Merriman)

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