Schindler’s 9M 20 revenue contracted by -6.6% yoy, driven by weaker new installations and modernization, while a strong Swiss franc exacerbated the decline. Despite this decline, Schindler experienced a recovery vs H1 20. Net profit fell by 19.4% yoy. Due to Schindler’s cost optimization programme, the company expects to incur up to CHF130m in restructuring costs (including the reduction of c.2k staff over the next two years). On the back of the more optimistic results, FY20 guidance was raised.
27 Oct 2020
The strong Swiss franc burdens an otherwise-decent recovery
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The strong Swiss franc burdens an otherwise-decent recovery
Schindler Holding AG Pref (SCHPN:MEX), 0 | Schindler Holding AG Pref (SCHP:SWX), 0 | Schindler Holding AG Pref (SHLAF:OTC), 0 | Schindler Holding AG Pref (0QO1:LON), 0
- Published:
27 Oct 2020 -
Author:
David Chaucayanqui -
Pages:
3
Schindler’s 9M 20 revenue contracted by -6.6% yoy, driven by weaker new installations and modernization, while a strong Swiss franc exacerbated the decline. Despite this decline, Schindler experienced a recovery vs H1 20. Net profit fell by 19.4% yoy. Due to Schindler’s cost optimization programme, the company expects to incur up to CHF130m in restructuring costs (including the reduction of c.2k staff over the next two years). On the back of the more optimistic results, FY20 guidance was raised.