FRANKFURT (Reuters) - German forklift truck maker Kion (DE:KGX) reported a 45 percent jump in first-quarter orders, driven by Eastern Europe, Asia and newly acquired supply-chain technology supplier Dematic, disappointing a market that had expected a stronger rise.
Orders in the quarter came to 1.88 billion euros (£1.59 billion), Kion said on Thursday - well below the average estimate of 1.97 billion euros in a Reuters poll.
Kion's shares fell 3.1 percent to 60.40 euros in early trade.
Truck orders rose 19 percent, as Russian and Brazilian demand rebounded and China continued a strong upward trend. Western Europe grew by 11 percent.
"Germany's growth was slightly slower than that of the western European market as a whole, while a hesitation to invest in the United Kingdom was reflected in a decline in orders," Kion said in a statement.
Supply-chain orders more than doubled.
"Order intake disappoints," a Frankfurt-based trader wrote in a note. "Report should trigger profit-taking."
First-quarter revenue jumped 48 percent to 1.81 billion euros, broadly in line with expectations, adjusted core profit (EBITDA) rose 37 percent to a better-than-expected 263 million euros, while net income of 42 million was short of expectations.
Kion confirmed its full-year outlook.