July 27 (Reuters) - Forvia's (FRVIA.PA) shares fell as much as 8% in early trading on Thursday, after a slight hike to the car parts maker's annual targets failed to impress investors.
The world's seventh-largest automotive supplier raised its estimate for global auto production to around 86 million light vehicles this year, from 82 million previously.
It forecast 2023 sales of 26.5-27.5 billion euros ($29.4-30.5 billion), up from an earlier range of 25.2-26.2 billion.
Global automotive production grew more than 10% in the first half of the year, on sustained demand and gradual improvement in semiconductors supply, CEO Patrick Koller said in a statement.
Forvia's half-year operating profit jumped nearly 70% to 675 million euros, but was 2% below analysts' consensus estimates, according to a research note by J.P.Morgan.
Persons:
Patrick Koller, Olivier Durand, J.P.Morgan, Michal Aleksandrowicz, Milla Nissi, Bernadette Baum
Organizations:
Global, Thomson
Locations:
Gdansk