April 23 (Reuters) - Swiss lift and escalator maker Schindler reported a 5.1% drop in its first-quarter sales on Wednesday, citing significant foreign exchange headwinds. It posted quarterly revenue
Swiss liftmaker Schindler's sales dip on forex impact
By Bernadette Hogg
Schindler's First-Quarter Performance and Market Impact
Sales and Revenue Overview
April 23 (Reuters) - Swiss lift and escalator maker Schindler reported a 5.1% drop in its first-quarter sales on Wednesday, citing significant foreign exchange headwinds.
Revenue rose 1.7% in local currencies, as foreign exchange had a negative impact of 184 million Swiss francs ($234 million).
Currency Effects and Global Economic Context
The safe-haven Swiss franc has gained against the dollar and euro since U.S. President Donald Trump introduced global trade tariffs in April 2025.
Regional Performance
Sales grew in local currencies in all regions except China, the Lucerne-based company said.
China's Property Sector Challenges
The Chinese property sector continues to struggle, as new construction starts fell 20.3% year-on-year in the first quarter of 2026 after falling 24.4% in the same quarter last year.
Order Intake and Segment Growth
Schindler posted quarterly revenue of 2.59 billion Swiss francs ($3.3 billion), down from 2.73 billion francs a year earlier. That was below analysts' average forecast of 2.63 billion francs, a poll compiled by Vara showed.
Modernization Services and Organic Growth
The company, which manufactures, installs and services lifts, escalators and moving walkways, said in a presentation that a 2.8% increase in orders in local currencies was driven by modernization services, which grew by 15% in local currencies in the first quarter.
Foreign Exchange Effects on Growth
However, organic growth was more than offset by foreign exchange effects, Schindler said.
New Orders and Segment Stability
Schindler booked new orders worth 2.83 billion Swiss francs in the quarter, down 4.1% from a year earlier.
New installations order growth was stable, the company said, despite pressure in China, and its service segment continued to grow steadily.
Additional Information
($1 = 0.7854 Swiss francs)
(Reporting by Bernadette Hogg; Editing by Matt Scuffham)
