Brief: Grammer Sees Q3 EBIT At EUR 12 Million, Plans Restructuring

GRAMMER AG

09/10/2020 10:07

Oct 9 (Reuters) - GRAMMER AG  GMMG.DE :
    * PRELIMINARY RESULTS FOR THE THIRD QUARTER OF 2020: QUALITY
OF
OPERATING PROFIT SIGNIFICANTLY IMPROVED IN THE THIRD QUARTER,
PLANNED RESTRUCTURING MEASURES HAVE A NEGATIVE IMPACT ON
EARNINGS
    * GROUP REVENUE OF AROUND 458 MILLION EUROS FOR Q3 OF 2020,
ROUGHLY 8 PERCENT LOWER THAN IN SAME QUARTER OF PREVIOUS YEAR
(2019: 498.1 MILLION EUROS)
    * RESTRUCTURING MEASURES INCLUDE CONSOLIDATION OF SITES IN
EUROPE
AND NORTH AMERICA, AS WELL AS A REDUCTION IN INDIRECT HEADCOUNT
WITH A FOCUS ON GERMANY, WHICH IS TO BE IMPLEMENTED BY MID-2021
WITH LEAST POSSIBLE SOCIAL HARDSHIP
    * Q3 EBIT ARE IMPACTED BY EXCEPTIONAL EFFECTS IN PARTICULAR
RELATED TO RESTRUCTURING MEASURES OF AROUND 12 MILLION EUROS AND
ARE EXPECTED TO AMOUNT TO ROUGHLY 6 MILLION EUROS (2019: 11.7
MILLION EUROS)
    * Q3 (OPERATING EBIT) SHOULD REACH AROUND 22 MILLION EUROS
IN Q3,
THUS SUBSTANTIALLY EXCEEDING FIGURE FOR SAME PERIOD IN PREVIOUS
YEAR (2019: 9.1 MILLION EUROS)

Source text for Eikon:  ID:nEQNQn8ya 
Further company coverage:  GMMG.DE 

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