KOBLENZ (dpa-AFX) - The automotive supplier Stabilus continues to struggle with the weak industry situation and is trimming its financial targets for the current fiscal year. While the specialist for trunk gas springs was already somewhat more pessimistic at the beginning of May, management has now noticeably cut its outlook. Turnover in the 2023/24 financial year (end of September) is now expected to amount to between 1.3 and 1.35 billion euros, as the MDax group announced in Koblenz on Tuesday evening. Adjusted for special effects, the earnings margin before interest and taxes (adjusted EBIT) is expected to be between 11.7 and 12.3 percent. Most recently, Stabilus had targeted earnings at the lower end of the range of EUR 1.4 to 1.5 billion and an operating margin at the lower end of 13 to 14 percent. The share price subsequently fell by 6.7 percent on the Tradegate trading platform.

The current third financial quarter is weaker than expected, and the Executive Board is already assessing the fourth quarter as subdued. Parts call-offs from car and commercial vehicle manufacturers were lower than expected, it said. As things stand, the previously expected recovery in the second half of the financial year has failed to materialize.

Analysts surveyed by Bloomberg had previously expected an average turnover of almost 1.4 billion euros. They saw the operating margin at around 13 percent.