Swiss lift- and escalator maker Schindler (SCHP.S) reported a fall of 0.9% in third-quarter sales on Thursday as new installation declined, mainly in China.
Revenue of 2.79 billion Swiss francs ($3.22 billion) missed analysts' expectations of 2.84 billion in a poll compiled by Vara Research.
Its quarterly order intake of 2.71 billion francs came in above the consensus. Analysts expected an order intake of 2.67 billion francs.
Schindler said new installations fell globally, notably in China, while growth continued in its modernisation and service units, which focus on renovation and maintenance.
It said the only region where all three units grew was Asia Pacific, excluding China.
The liftmaker is less exposed to China than its competitors, earning about 15% of its revenue last year from the Asian giant.
"Operationally, we're pleased to see our dedication to our service customer base paying off, with modernization order growth accelerating since the beginning of the year," CEO Silvio Napoli said in a statement.
The company said it intends to launch a share buyback programme of up to 500 million francs, expected to start in November 2024 and to run until November 2026 at the latest.
Schindler confirmed its full-year guidance of low single-digit revenue growth in local currencies and an earnings before interest and tax (EBIT) reported margin of 11%.
($1=0.8659 Swiss francs)
