Finnish elevator maker Kone reported stronger-than-expected orders for the fourth quarter thanks to strong demand in China.

Kone reported a 14 percent rise in fourth-quarter operating income from a year earlier to 293 million euros ($400 million). While that was in line with expectations, orders received in the quarter rose to 1.47 billion euros beating the average market forecast of 1.37 billion euros according to a Reuters poll.

Chief Executive Matti Alahuhta separately announced he would be stepping down and would be replaced by CFO Henrik Ehrnrooth. (Reuters)