Meggitt lowers revenue guidance after tough Q3

November 1, 2013

LONDON, Nov 1 (Reuters) - British aircraft parts supplier Meggitt lowered its full-year revenue guidance after trading over the last four months had been slightly below its expectations.

Meggitt, which supplies flight displays and wheels to planemakers Airbus and Boeing, said on Friday it now expects to report 2013 revenue growth in the low single digits.

In August Meggitt said it expected to deliver mid-single-digit revenue growth for the year.

The company also said it had identified a "raw material supply issue" and that it had put 20 million pounds ($32 million) aside to account for the expected cost of rectifying the problem.