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Rheinmetall cuts sales forecast on car sector woes

Logo of Rheinmetall AG is seen in Zurich

BERLIN (Reuters) - German arms maker Rheinmetall lowered its sales guidance on Wednesday in light of persistently high risks in global automotive production, the company said.

It now expects organic sales growth in the current fiscal year of around 15%, at the lower end of its previously set guidance range of 15-20%.

Rheinmetall confirmed its previous earnings guidance for fiscal 2022, with the operating result expected to improve and the operating margin expected to come in at over 11%.

The German automotive industry has been struggling with supply-chain disruptions and semiconductor shortages for some time, with the fallout of the war in Ukraine and recent COVID-19 lockdowns in China only adding to the sector's woes.

(Writing by Rachel More, editing by Kirsti Knolle)