Shares in Switzerland’s elevator and escalator manufacturer, Schindler, saw a significant boost early Friday following the release of their second-quarter financial results. The company’s profit and revenue were both on the rise, thanks to improved efficiency and the successful execution of their order backlog.
At 0732 GMT, Schindler’s preferred shares were trading 6.1% higher at CHF214.20.
In the second quarter, Schindler reported revenue of 2.93 billion Swiss francs ($3.38 billion) compared to CHF2.71 billion during the same period last year. Their net profit also saw a notable increase, surging from CHF152 million to CHF251 million.
This positive outcome reflects the effectiveness of Schindler’s recent efficiency measures, and the company has commended the stabilization of their supply chains.
Looking ahead to 2023, Schindler anticipates a growth in revenue between 5% and 8% in local currencies, accompanied by a projected net profit ranging from CHF860 million to CHF900 million.
Despite these promising results, Schindler acknowledges the challenges they continue to face due to market uncertainty, labor cost inflation, labor scarcity, and foreign exchange pressures.