(Reuters) – Swiss lift and escalator maker Schindler reported a first-quarter order intake of 2.95 billion Swiss francs ($3.58 billion) on Wednesday, a 6% rise from a year earlier in local currencies, with organic growth across all regions except China.
That beat analysts’ average forecast of 2.86 billion francs for the quarter, a poll compiled by Vara Research showed.
The company has lowered its market outlook for new installations in the Americas from its prior assessment, it said in an investor presentation, and now expects the market to contract by up to 5% this year after previously estimating 2025 growth of up to 5%.
It estimates an annualised gross cost impact of 33 million Swiss francs from tariffs.
The Americas account for 29% of Schindler’s group revenue, with over 95% of the raw materials and components the company uses in products sold in the U.S. sourced locally, analysts at Jefferies said.
Schindler has two large U.S. manufacturing plants in North Carolina and Pennsylvania.
The Lucerne-based company also beat forecasts for cash flow from operating activities, reporting 540 million Swiss francs, compared to 309 million Swiss francs expected by analysts.
Quarterly revenue of 2.73 billion Swiss francs, a 2.5% rise year on year, exceeded the average forecast of 2.71 billion francs.
($1 = 0.8232 Swiss francs)
(Reporting by Bernadette Hogg; Editing by Christopher Cushing and Rachna Uppal)
