Italy's Brembo lowers 2023 revenue guidance after US auto strikes

(Reuters) - Italian brakes maker Brembo (BRBI.MI) on Tuesday lowered its 2023 revenue guidance, citing geopolitical and macroeconomic headwinds and the United Auto Workers (UAW) strikes in the United States.

Bergamo-based Brembo now expects a mid to high single-digit increase in revenue, down from previous guidance of a 10% rise.

The premium brake maker's revenue fell 1.3% in the third quarter from the year-earlier period to 969.1 million euros ($1.03 billion), while net profit slumped 26.3% to 63.3 million euros.