Schindler reports lower first-quarter profit due to coronavirus crisis

(Reuters) - Swiss elevator and escalator maker Schindler said on Wednesday its first-quarter net profit fell 36.5% from previous year as the global coronavirus crisis led to the shut down of production plants and construction sites in several countries.

Sales in January-March amounted to 2.45 billion Swiss francs ($2.53 billion), which was above the forecast of 2.33 billion francs in a Refinitiv poll, but about 5.2% less than 2.58 billion francs reported in the previous year.

The company reiterated its 2020 guidance, which was lowered in March, and expects revenue to fall by between 0% and 10% in local currencies, and net profit to be around 20% lower than in 2019.

(Reporting by Bartosz Dabrowski in Gdansk; Editing by Kim Coghill)