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Elevator-maker Kone trims outlook as Q1 profit misses forecast -Breaking

by Mike Robinson

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© Reuters. The logo is seen in an elevator of the KONE Academy of Finish elevators, escalators and transporters manufacturer KONE, Hanover, Germany. February 6, 2020. Photograph taken February 6, 2020. REUTERS/Fabian Bimmer

HELSINKI(Reuters) – Kone, the elevator maker, posted lower-than-expected core earnings for its first quarter. This was due to supply chain limitations and a decrease in China’s business. Kone also reduced its outlook and full-year earnings.

The January-March operating loss was 171.1 million Euros ($181.6 Million) compared to 249.8 MEUR a year prior. It missed the estimate of Refinitiv analysts at 225.8 Mio. euro.

($1 = 0.9423 euros)

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