Porsche has warned that flooding at an aluminium supplier is causing delays in production of several models and will drag the German sports car maker’s profit margins and revenues below forecasts this year.
The profit warning is the latest setback for the Stuttgart-based company, which was already grappling with a declining operating margin, falling sales in China and a 40 per cent drop in its share price over the past year.
Shares in Porsche fell 3 per cent by late morning in Frankfurt on Tuesday after it said “the flooding of a production facility of an important European aluminium supplier” had caused “a significant supply shortage with regard to special aluminium alloys” that are used in “all vehicle series”.
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