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Knorr Bremse says 2020 cash flow tops expectations

Feb 22 (Reuters) - Knorr Bremse, a German maker of braking systems for trains and commercial vehicles, said on Monday that its free cash flow last year beat market expectations.

Cash flow was around 700 million euros ($852 million), above consensus estimates of 500 million euros, triggering a mandatory news release under German stock exchange rules.

The Munich-based global market leader in braking systems also said it expected sales at the upper end of a forecast corridor of 5.9-6.2 billion euros, and a core profit margin just above guidance of 16.5%-17.5%.

Knorr Bremse said it would publish preliminary and unaudited key figures on March 4, when it will also issue its outlook for 2021. Shares, which floated in Frankfurt in 2018 at 80 euros, closed at 105.78 euros, valuing the business at $20.7 billion. ($1 = 0.8220 euros) (Reporting by Douglas Busvine Editing by Chizu Nomiyama)

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