FRANKFURT (Reuters) - German automotive wiring systems maker Leoni said on Monday that it would not reach a 2015 earnings target and lowered its 2016 outlook, citing the weaker performance of its wiring systems division.
Leoni said that as a result it would not be able to reach projected 2015 earnings before interest and taxes (EBIT) of 200 million euros (148 million pounds). Sales are still expected to be at least 4.3 billion euros.
For 2016, Leoni lowered its sales forecast from 4.8 billion euros to about 4.6 billion euros. Its 2016 EBIT margin will be significantly below the targeted 7 percent, the company said.