Kion falls as high interest and tax rates weigh on Q3 profit

Kion AG

26/10/2023 08:51

** Shares in Kion  KGX.DE  move around 5% lower after the
German forklift truck maker reported Q3 results below
expectations
    ** While the group's quarterly earnings were mainly in-line
with its preliminary results, J.P.Morgan says Q3 net income came
32% below the brokerage's revised forecast due to higher
interest and tax rates
    ** "The surprise today is higher interest and tax which
takes shines off from the guidance raised recently," JPM says,
adding below the line items are now a "bigger headwind"
    ** The firm's order intake fell to 2.62 billion euros ($2.76
billion) in Q3, below average analysts' estimate of 2.66 billion
euros in a company-provided consensus
    ** "Order intake might weigh slightly on sentiment," a local
trader says
    ** Kion is among worst performers in German mid-cap index
 .MDAXI  and on track for it worst day since April

($1 = 0.9489 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))