Schindler lifts 2023 outlook as services business beats expectations

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Oct 19 - Swiss elevator maker Schindler on Thursday raised its 2023 guidance slightly after reporting a 23% increase in third quarter profit driven by growth in maintenance and other services.

Schindler's shares were up 4.4% as of 1030 GMT after the company reported a net profit of 228 million Swiss francs for July-September, beating analyst estimates of 214 million francs, according to a company-provided poll. "I don't see China implosion happening," CEO Napoli told Reuters, adding that being able to compete in the country is a must.

China has struggled this year with a deepening crisis in the property sector, which makes up a quarter of the world's second-largest economy. Its real estate sector is the biggest credit event risk, according to Bank of America's September fund manager survey.

 

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