FRANKFURT (dpa-AFX) - Investors initially found it difficult to classify Kion 's business figures on Thursday afternoon. The share price fell sharply after the publication and was subsequently volatile, with the share price remaining predominantly in the red. Most recently, the discount amounted to 1.7 percent. After the share price rally from the beginning of November to the end of January, the air is out for the time being.

The forklift manufacturer and specialist for warehouse technology earned significantly less than expected at the end of 2023 due to special effects and higher financial expenses. The operating result (EBIT) of the Supply Chain Solutions (SCS) segment excluding special effects also fell short of market expectations. Meanwhile, the free cash flow in 2023 was surprisingly strong.

The publication is actually not as big an event as it seems, wrote analyst Lucas Ferhani from Jefferies in an initial assessment. He had already pointed out possible headwinds for the operating result (EBIT) in the SCS segment. In addition, this should now become a tailwind for 2024, as fewer legacy projects need to be completed.

A lower surplus would result from non-recurring expenses and higher financial expenses due to higher interest rates, the expert continued. The better than expected free cash flow will help to further reduce debt. Ferhani sees share price weaknesses as buying opportunities./ajx/he