HELSINKI (Reuters) - Finland's Kone (HE:KNEBV) beat quarterly profit expectations on Tuesday but gave a weak sales outlook for 2020, sending shares in the elevator maker lower.
It forecast 2020 sales growth of 0–6% at comparable exchange rates, sending its shares 2.75% lower, marking a slowdown from 10% growth the firm reached in full-year 2019.
Analysts average sales forecast stood for 5% growth in 2020, with estimates collected by Kone ranging from 3% to 7.6% growth.
The company expects the new equipment market to be relatively stable or to grow slightly in 2020, mainly in China and the rest of the Asia-Pacific.
"However, the coronavirus outbreak creates uncertainty to the outlook," Kone said in a statement.
Kone reported a 15% rise in fourth-quarter adjusted operating profit to 367.5 million euros (£311 million), edging the 363.3 million expected by 21 analysts in a poll provided by the company.
The company was due to make a bid on Jan. 27 for the elevator business of Germany's Thyssenkrupp (DE:TKAG), seen valued at around 15 billion euros, but did not confirm whether it had done so.
The company's board proposed a dividend of EUR 1.70 per class B share for the year 2019.
Kone confirmed it has been evaluating acquisition opportunities related to Thyssenkrupp's elevator business.
"However, there is no certainty that this will result in any transaction," it added.
Thyssenkrupp has also shortlisted three private equity consortia in the auction, sources have told Reuters.