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GER / CN: Car supplier problems: Kuka scares investors

The crisis in the automotive industry, who are also owned by Chinese investors are located in the Augsburg-based robot manufacturer Kuka. The company corrected late on Thursday its forecast for the financial year and prescribed a cost reduction of 300 million euros, – including staff reductions.

The news sent the share price plummeting. The rate fell in the top 10.3 percent to 54 euros. The past year was still worse than in the autumn of thought, the company said. Kuka-founded the worse business development, among other things, with the economic slowdown in the automotive and electronics industry.

The company, which was two years ago in Chinese hands, distressed is, half of the sales. Particularly serious, even the view had been tilted for 2020, said a trader. Neither a turnover of between 4.0 and 4.5 billion euros in the next year is still an operating return on sales of 7.5 percent, the company said.

KUKA — — (–) Xetra tradegate exchange, Stuttgart lang & Schwarz in Frankfurt, London SE Int. Level 1Schweiz 1T 1W 3M 1J 3J 5J For detail view

The pessimistic statements of Kuka and the share of the automotive supplier Continental, the price fell by two percent to 126,60 Euro, and the stock thus formed the tail light in the Dax.

The negative trend in the share of the headlight manufacturer Hella, managed to escape. The group has reduced its expectations for the financial year 2018/19, due to the weakening of the market, confirmed on Friday, but its previous forecast.

The management Board now assumes that the currency – and portfolio-adjusted sales growth at the lower end, as well as the increase in adjusted EBIT in the lower half of the Forecast range will be from five to ten percent. With such a view surpass Hella but still, the expectations, said traders. The titles with a price increase of up to 3.6 percent, to 38,68 Euro on the M-Dax-to-peak.

Source: wirenewsfax.com

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