Vitesco: Drive specialist lowers forecast

Due to the lower call-off numbers from automobile manufacturers, Vitesco expects a more significant decline in sales than previously anticipated and now expects 8.1 billion euros. Previously, the company had projected 8.3 to 8.8 billion euros, compared to 9.2 billion euros in the previous year.

New Forecasts Below Analysts' Estimates

The margin related to the adjusted earnings before interest and taxes (Ebit) is now expected to rise from 3.7 percent to around 4.0 percent. Previously, Vitesco had projected it to be between 4.5 and 5.0 percent. The new forecasts are below the analysts' estimates.

Revenue Decline Recorded

In the second quarter, preliminary calculations show that revenue fell from 2.4 billion to just over 2 billion euros, as the drive specialist further announced.

Revenues from electrification components, which are important for the company, likely declined from 354 million to 316 million euros. Adjusted EBIT increased to approximately 82 million euros, compared to 67 million euros in the previous year. This corresponds to a margin of 4.0%, compared to 2.9% in the previous year.