October 24, 2018 / 9:46 AM / in 23 days

Specialty steelmaker Voestalpine issues profit warning

VIENNA, Oct 24 (Reuters) - Austrian specialty steelmaker Voestalpine issued a profit warning on Wednesday for the full year, saying “distortions” in the car industry and unplanned shutdowns at its Texas plant had hurt second-quarter earnings.

The warning sent the company’s shares down as much as 8.5 percent to 30.88 euros.

The company said first-half earnings before interest and taxes (EBIT) totalled 479.5 million euros ($548 million). That was well below average analyst expectations of 549.4 million euros, according to Refinitiv data.

For the full year, the group said it now expects an EBIT of “just under 1 billion euros”. In August it had said that the EBIT would be roughly at the previous year’s level of 1.18 billion euros.

The company said the car market in Europe had been distorted by a new exhaust emission test procedure introduced on Sept. 1 and related uncertainties. ($1 = 0.8754 euros) (Reporting by Kirsti Knolle; Editing by Susan Fenton)

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