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The Augsburg-based Kuka robot manufacturer has lowered its guidance for the year due to the dwindling outlook for the automotive industry. Worse development of business with cars would increase uncertainties in the Chinese automation market, said Kuka during the presentation of the third quarter figures Monday in Augsburg. The stock lost nearly 8% in value soon after the start of trading, falling to its lowest level in more than three years.
The company, which belongs to the Chinese group Midea, now expects a turnover of about 3.3 billion euros and an adjusted EBIT margin of about 4.5%. Previously, Kuka had targeted a turnover above 3.5 billion euros of which 5.5% should remain as adjusted operating profit (EBIT).
Before Kuka, many suppliers and automakers had already reduced their annual targets due to the weakening of the Chinese auto market.
In the third quarter, new orders placed at Kuka decreased by almost 7% to 750.1 million euros. Although sales increased by almost 7% to 851 million euros. However, earnings before interest and taxes adjusted for special effects such as restructuring and investment costs of the Group decreased by almost a fifth, to 35.6 million euros. As a result, the EBIT margin of 4.2% was significantly lower than the previous year. In total, thanks to the sale of certain parts of the company, a profit of 23 million euros was lost. It was a fifth more than last year. / Mne / she / stw
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