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Schindler Group share price falls amid supply chain concerns

By Jenny McCall

11:26, 21 October 2021

The white and red Schindler logo seen on a sign
Schindler Group was founded in 1874 as Schindler & Villiger – Photo: Shutterstock.

Swiss multinational, the Schindler Group saw its stock price fall today as it reported its third-quarter earnings.

The share price for the group, which was founded in 1874 as Schindler & Villiger and manufactures escalators, moving walkways and elevators worldwide, fell by over 5% to CHF 235.60 (£185.68).

Schindler reported that it has been impacted by global supply chain issues, material and freight cost inflation.

Orders and revenue

The report, featuring key figures as of 30 September, showed that order intake for the first nine months of 2021 increased by 12% to CHF 9,038m (£7.1bn), compared to CHF 8,067m for 2020. Orders rose across all regions, with Asia-Pacific generating the highest growth. In the third quarter orders rose to CHF 2,995m, versus the same period last year, which saw orders at CHF 2,712m.

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Further, revenue increased to CHF 8,282m in the first nine months of 2021, compared to the same period last year of CHF 7,713m. The group said this was “in line with the 2019 pre-pandemic level”.

Third-quarter revenue also rose to CHF 2,807m, versus the same period last year of CHF 2,754m.

Thomas Oetterli, Schindler’s CEO, said: “Different recovery in some key markets combined with supply chain issues causes delays in construction activities. More than ever, speed and agility are essential to reinforce competitiveness. That’s why with the Top Speed 23 program, we are accelerating digital transformation and product innovation.”

Read more: Unilever reports underlying sales growth amid raised prices

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