The industrial and automotive supplier Stabilus is lowering its forecast for the current fiscal year.

The MDax-listed company now expects revenues of EUR 1.3 to 1.35 billion and an adjusted EBIT margin of 11.7 to 12.3 percent, according to its own statements on Tuesday. Previously, Stabilus had forecast revenues of EUR 1.4 to 1.5 billion and an EBIT margin of 13 to 14 percent. Due to the challenging market environment, Stabilus had already specified its forecast at the lower end of the expected ranges for revenues and adjusted EBIT margin at the end of the first half of the year.

The new forecast is based on a weaker than expected revenue development in the third quarter and a subdued outlook for the fourth quarter, Stabilus further announced. This is primarily due to lower call-off volumes in the Automotive and Commercial Vehicles segments. According to the Management Board's current assessment, the expected recovery in the second half of the year will not materialize due to the aforementioned effects.

(Written by Birgit Mittwollen; Edited by Scot W. Stevenson; If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)