Schindler order intake slips in second quarter, weighed by China By Reuters

By Louis van Boxel-Woolf and Bartosz Dabrowski

(Reuters) -Swiss lift and escalator maker Schindler reported a second-quarter order intake of 2.98 billion Swiss francs ($3.35 billion) on Friday, down 0.4% from a year earlier in local currencies, as lower new installations in China weigh.

That just beat analysts’ expectations of 2.95 billion francs, a Vara consensus poll showed.

Schindler’s Modernisation and Service businesses, which focus on renovation and maintenance as opposed to the supply of new units, grew in the second quarter, it said.

Schindler confirmed its outlook for the year, but said new installations in Asia-Pacific without China, which includes the key growth market India, would be worse than expected. Meanwhile, new installations in the Americas and Europe, Middle East and Africa (EMEA) should do better than it had forecast.

($1 = 0.8889 Swiss francs)