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Schindler reports quarterly earnings drop after challenging 2021 -Breaking

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© Reuters. FILEPHOTO: The logo from Swiss elevator manufacturer Schindler was seen at the annual Zurich news conference on February 14, 2020. REUTERS/Arnd Wiegmann

(Reuters) – Schindler, a Swiss elevator manufacturer and escalator maker, reported Wednesday a 15% decline in fourth quarter earnings from a year ago. Schindler cited a variety of challenges for 2021 including disruptions in supply chains, shortages in electronics, material cost inflation, and electronic shortages.

Quarterly net profit reached 192 millions Swiss Francs ($208 million), surpassing analysts’ estimate of 184million francs.

Company expects 2022 revenue to increase by 1% to 6.

($1 = 0.9253 Swiss francs)

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