Brief: Grammer AG sees Q2 EBIT significantly below market expectations

GRAMMER AG

13/07/2020 16:51

July 13 (Reuters) - Grammer AG  GMMG.DE :
    * DGAP-ADHOC: PRELIMINARY RESULTS FOR THE SECOND QUARTER OF
2020 -
 SIGNIFICANT NEGATIVE IMPACT ON REVENUE AND EARNINGS AS A RESULT
OF THE COVID-19 PANDEMIC AND EXCEPTIONAL EFFECTS
    * BASED ON PRELIMINARY FIGURES, GRAMMER AG EXPECTS TO
ACHIEVE
GROUP EARNINGS BEFORE INTEREST AND TAXES (GROUP EBIT) IN Q2 OF
2020 THAT WILL BE SIGNIFICANTLY BELOW MARKET EXPECTATIONS.
    * GROUP EBIT FOR Q2 IS EXPECTED TO STAND AT AROUND MINUS 50
MILLION EUR (PREVIOUS YEAR 26.2 MILLION EUR)
    * OPERATING EBIT IS EXPECTED TO AMOUNT TO APPROXIMATELY
MINUS 46
MILLION EUR FOR REPORTING PERIOD (PREVIOUS YEAR 27.1 MILLION
EUR).
    * REVENUE SHOULD COME TO AROUND 281 MILLION EUR (PREVIOUS
YEAR
517.4 MILLION EUR).
    * WILL BE RELEASING ITS FULL REPORT ON FIRST HALF OF 2020 ON
AUGUST 13, 2020.
    * MAIN REASON FOR THIS SIGNIFICANT DECREASE IN REVENUE AND
EARNINGS IN Q2 WERE SIGNIFICANT REDUCTIONS IN CUSTOMER ORDERS
AND PRODUCTION STOPS OF MANY OEMS.

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