No Lift for Konecranes as Q1 2014 Profit Slips
Finnish crane maker Konecranes (KNCRF) on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition.
January-March 2014 operating profit, excluding one-off items, fell to 15.6 million euros ($22 million) from 23.1 million a year earlier and well below the average analyst expectation of 22 million in a Reuters poll.
The company, whose cranes are used in factories, shipyards and ports, said that this year's sales are expected to be approximately at the same level as in 2013.
"We expect the 2014 operating profit, excluding restructuring costs, to be approximately at the same level or to improve slightly from 2013," it added. ($1 = 0.7231 Euros)
(By Sakari Suoninen; editing by Jussi Rosendahl)