Schindler grows in the first quarter
Schindler increased its sales by 6 percent to CHF 2.8 billion in the first quarter of 2023. Adjusted for special effects, net profit rose disproportionately year-on-year to CHF 186 million. Order intake, on the other hand, was almost 9 percent lower.
Schindler generated global sales totaling CHF 2.80 billion in the first quarter of 2023. This corresponds to year-on-year growth of 6.2 percent, the Lucerne-based lift manufacturer said in a statement. At 2.89 billion Swiss francs, however, incoming orders were 8.7 per cent lower than in the first quarter of 2022.
“Delays at construction sites and the uncertainty on the international capital markets are having an increasingly negative impact on the real estate sector, despite strong demand in the residential construction sector,” Silvio Napoli, Chairman of the Board of Directors and CEO of Schindler, is quoted as saying in the release. “Even in this challenging environment, Schindler achieved sales growth in all regions and product lines.” The operating result at EBIT level increased year-on-year from CHF 211 million to CHF 282 million. Adjusted for the sale of the former factory site in Suzhou, net profit of CHF 186 million was 29.2% higher than in the same quarter of the previous year.
In the same press release, Schindler also announced a change in the Group Executive Committee. The newly appointed Chief Technology Officer Donato Carparelli will replace Karl-Heinz Bauer, who is retiring.
At the end of March, Schindler also won a lawsuit that had been ongoing for almost ten years. The background to the case is the capital increases at Hyundai Elevator, which were carried out against the wishes of shareholder Schindler. The Supreme Court of the Republic of Korea ruled in favour of Schindler in the liability suit against various members of the Board of Directors of Hyundai Elevator, according to the statement.