Swedish Builder Skanska Reports Profit Jump

Swedish builder Skanska beat forecasts with a jump in first-quarter profit but lowered its market outlook as it braces for the impact of the new coronavirus. Operating profit rose to 2.90 billion crowns ($290 million) from 488 million and beat the 1.46 billion expected by five analysts, Refinitiv Eikon data showed. Order intake at Construction, which books the bulk of group sales, grew to 41.3 billion crowns from 27.3 billion. Skanska's shares rose 4% in early trade. Large divestments in its property development operations and continued recovery in its restructured Construction division lifted profits.