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Kion Group Q3 Net Profit Rises On Firm Demand; Backs FY21 View

Kion Group AG (KGX.DE), a German multinational manufacturer of materials handling equipment, on Tuesday posted a rise in its net income for the third quarter, with a rise in revenue from Industrial Trucks and Services, and Supply Chain Solutions segments. Owing to positive market cues, the firm has reaffirmed its outlook for fiscal 2021.

The Frankfurt-headquartered company reported a net income of 139.6 million euros for September quarter, compared to 81.9 million euros reported for the same period, last year.

The adjusted EBITDA of the hardware manufacturer rose to 441.9 million euros for the thirteen week-period, from 367.3 million euros recorded, last fiscal.

Despite persisting Covid-19 pandemic related headwinds, the European manufacturer generated revenue of 2.56 billion euros for the third quarter, versus 2.07 billion euros, reported last fiscal. Order intake of the German firm also climbed for the 90-day period by 34.2 percent to 3.10 billion euros. Analysts, on average, had expected the company to post a revenue of 2.52 billion euros for the third quarter.

Despite an uncertain economic environment, the group said, it has reaffirmed its previous projections for the fiscal year 2021. It still expects its consolidated revenue in the range of 9.7 billion euros - 10.30 billion euros.

It expects to report its adjusted EBIT in the range of 810 million to 890 million euros. Also, the order intake of the KION Group is expected to be between 10.65 billion and 11.45 billion euros.

Analysts', on average, expect the company to post a revenue of 10.03 billion euros for FY21.

On XETRA, Kion Group had closed at 87.92 euros per share on Monday, a decline of 0.83 percent, compared to its previous close of 88.66 euros.

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