Konecranes Falls Most in Year on Profit Guidance: Helsinki Mover
Konecranes Oyj (KCR1V), the Finnish maker of shipyard and harbor equipment, fell the most in a year in Helsinki trading after saying it will earn less profit this year than previously forecast.
Konecranes shares in fell as much as 6.2 percent, the most since June 13, 2012. Konecranes declined 5.6 percent to 22.92 euros at 11:37 a.m. in the Finnish capital. It was today’s worst performer in the Stoxx Europe 600 index, which fell 0.3 percent. Volume in the shares was 83 percent above average daily trading over the past three months.
Konecranes’ full-year operating profit excluding restructuring costs will reach last year’s level instead of improving, the Hyvinkaeae, Finland-based company said in a statement today. The company kept its sales forecast unchanged at “stable or slightly higher” compared to last year.
The global slowdown in investments and a lackluster shipping industry weigh on the company, which in April missed first-quarter profit estimates by 19 percent even as sales topped the average estimates of 9 analysts in a Bloomberg survey. Finnish industrial production fell 9.7 percent in April from a year earlier, the biggest drop since November 2009.
Konecranes plans to accelerate cost-cut measures and initiate new ones, according to the statement. The company said it will give more details on the plans on July 24, when it reports second-quarter earnings.
To contact the reporter on this story: Kasper Viita in Helsinki at email@example.com
To contact the editor responsible for this story: Christian Wienberg at firstname.lastname@example.org