VIENNA, Oct 8 (Reuters) - Chinese-owned aeroplane parts maker FACC warned that its second-quarter earnings will fall short of market expectations due to higher-than-expected costs of developing new cabins, sending its shares down 10 percent in early trade.
The Austria-based group said earnings before interest and tax (EBIT) reached 8.7 million euros ($10 million) in the three months through August, down from 11.3 million euros.
Market expectations had been around 11 million euros, a spokesman said.
“The development of new cabins has turned out to be more expensive than expected,” a spokesman said. “But this is a one-off effect. We do not change our full-year forecast.”
FACC, which specialises in engines, lightweight surface parts and complete cabin interiors, said its 2018/19 operating profit would grow to between 52 and 55 million euros from 48 million last year.
FACC expects full-year sales to reach 760 to 770 million euros, up from 750.7 million in 2017/18.
$1 = 0.8693 euros Reporting by Kirsti Knolle; editing by Jason Neely