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ZF Cuts Sales, Earnings Outlook
ZF Friedrichshafen AG has joined a long list of automotive suppliers in predicting leaner results this year than previously expected.
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ZF Friedrichshafen AG has joined a long list of automotive suppliers in predicting leaner results this year than previously expected.
CEO Wolf-Henning Scheider concedes the company is “falling considerably short” of its targets as the global auto market cools. ZF expects no improvement in the global economy during the second half of 2019.
Full-year revenue is now expected to total between €36 billion and €37 billion ($40 billion-$41 billion), down €1 billion from ZF’s estimate in April. The company anticipates an adjusted pretax earnings margin of 4%-5%, down from 5%-5.5%.
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