German battery maker Varta cuts 2024 revenue forecast

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June 20, 2024 6:04 PM EDT

FILE PHOTO: Varta battery cells are displayed in this picture illustration taken September 27, 2017. REUTERS/Fabrizio Bensch/Illustration/File Photo

(Reuters) - German battery maker Varta AG on Thursday said it would cut its full-year revenue forecast for 2024 due to the declining demand in the energy storage market.

The German firm now expects revenue in the range of 820 million euros ($877.56 million) and 870 million euros, compared with the previous forecast of at least 900 million euros.

In April, the firm said it may not meet targets set under its year-old restructuring plan with a majority shareholder Michael Tojner after key client Apple cut production of its AirPods headphones.

"We are also having a negative impact on revenue development in 2024", the Ellwangen-based firm said, adding that it will impact the wide forecast range.

In February this year, it postponed the publication of its 2023 financial results following a cyber attack that halted production for weeks.

($1 = 0.9344 euros)

(Reporting by Urvi Dugar in Bengaluru; Editing by Vijay Kishore)


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