KNYJY - KONE Oyj (KNYJF) Q2 2024 Earnings Call Transcript
2024-07-19 06:48:09 ET
KONE Oyj (KNYJF)
Q2 2024 Earnings Conference Call
July 19, 2024, 03:30 AM ET
Company Participants
Sanna Kaje - Vice President, Investor Relations
Philippe Delorme - President and Chief Executive Officer
Ilkka Hara - Chief Financial Officer
Conference Call Participants
Presentation
Sanna Kaje
Good morning and welcome to KONE's Q2 Results Presentation. I'm Sanna Kaje, Head of KONE's Investor Relations, and I have here with me today our President and CEO, Philippe Delorme, and CFO Ilkka Hara. But before I let Philippe and Ilkka present today, a short notification. We've heard that there are currently some global telecoms issues and there is a risk at the moment that we might not be able to take your questions online. So I wanted to give that as a heads up, but let's see how things develop.
With that, I'll hand over to Philippe.
Philippe Delorme
Good morning, Sanna and good morning everyone. Glad to be with you today. So I'd like to start by sharing a couple highlights from the quarter. First and foremost, I'm very pleased that the focus on Service and Modernization is delivering results. We saw again strong Service sales growth at 9% and record high Modernization holders. We also saw the sixth consecutive quarter of profitability improvement which has been and is high on our agenda.
The market outlook has mostly remained similar to what we saw three months ago with still a couple updates. The first one is the China building solution market continues to be challenging and we have downgraded the market outlook slightly. At the same time, we have upgraded the outlook for the North American Modernization market. Finally, something I'm very happy about, which is our employee engagement improving and being well above the global benchmark.
So now let's take a look at all of this in more details. I'll start as usual with the financial highlights. So for me, the standout of the quarter was the double digit growth in orders in three out of our four areas. As said, we had very strong orders in Modernization, but also some good wins in New Building Solutions, for example in Europe. At the same time, Chinese New Building Solutions market continued to be challenging. Overall, our orders received grew by 3.6% at comparable exchange rates....
KONE Oyj (KNYJF) Q2 2024 Earnings Call Transcript