Schindler Holding AG Reports Strong First Quarter Despite Market Challenges

Schindler Holding AG highlighted a solid start to the year with its Q1 results released on April 18, 2024. Despite the ongoing challenges in New Installation markets, Schindler reported increases in order intake and revenue, achieving figures of CHF 2,791 million and CHF 2,673 million respectively. Growth in these areas was noted at 2.5% and 1.1% in local currencies.

The company saw a significant improvement in its operating profit, which rose to CHF 292 million, marking an EBIT margin of 10.9%. The adjusted EBIT margin also saw an increase from the previous year, reaching 11.1%. Furthermore, Schindler's cash flow from operating activities soared by 80.4% to CHF 507 million.

In addition to financial growth, Schindler is advancing in product innovation with the rollout of a new standardized modular platform. This new product line, which now represents over 40% of their total units sold in the EMEA region, is on track with its launch schedule. Schindler has reiterated its 2024 guidance with an expected EBIT margin of 11%.