Italy's Sogefi ups revenue growth guidance on lower raw material costs
23/10/2023 12:45
Oct 23 (Reuters) - Italy's Sogefi SGFI.MI on Monday
slightly hiked its revenue growth guidance for 2023, as the car
components group said it expected raw material costs to continue
falling through the rest of the year.
The Milan-based firm, which develops and produces air &
cooling systems, suspension components as well as filtration
systems, forecast revenue growth above 5% for 2023, compared to
the previous guidance of mid single-digit growth.
It also said it expects an increase in profitability in line
with the results reported for the first nine months of the year,
in the absence of factors that could worsen the macroeconomic
scenario for the automotive sector.
Sogefi, controlled by the CIR Group CIRI.MI , posted a
third-quarter net profit of 14.4 million euros ($15.27 million),
up from 12.2 million euros in the same period of last year.
($1 = 0.9429 euros)
(Reporting by Enrico Sciacovelli, editing by Alvise Armellini)
((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))