STOCKS NEWS EUROPE-Meggitt down after Q3 setbacks
Meggitt (Other OTC: MEGGF - news) shares fall 8.8 percent after the aircraft parts supplier lowered its full-year revenue guidance following a third quarter hit by several setbacks, including production problems in the United States.
Shares in the supplier of avionics and wheels to planemakers Airbus (Paris: NL0000235190 - news) and Boeing (NYSE: BA - news) fell to 522 pence by 0918 GMT, their lowest level for four months, making it the biggest FTSE 100 faller.
The group now expects to report 2013 revenue growth in the low single digits, below its previous forecast of mid-single-digit revenue growth, made in August.
"The operational issues are a surprise and you can see the impact of that on its (Meggitt's) shares. The risk of other similar issues cropping up increases in the mind of the market after this type of news," says Liberum analyst Ben Bourne.
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