Shares of automaker Porsche fell on Tuesday after the company cut its 2024 outlook, saying several suppliers were affected by a shortage of aluminium alloys.
Porsche shares were down 5.34% at 8:35 a.m. London time.
In a statement on Tuesday, Porsche said sales revenue is now expected to be between €39 billion ($42.4 billion) and €40 billion for the full 2024 fiscal year, down from the previously forecast €40 billion to €42 billion.
The company also revised its guidance for operating return on sales to a range of 14% to 15%, down from the previous forecast of 15% to 17%.
Porsche said a range of its suppliers were affected by a significant supply shortage of special aluminium alloys, which the company said affected production of vehicles using aluminium body components.
Porsche is scheduled to announce its financial results for the first half of 2024 on Wednesday.
