Brief: NV Bekaert : 9-Month Consolidated Sales Down At 2.76 Billion Euros

NV Bekaert SA

20/11/2020 06:43

Nov 20 (Reuters) - NV BEKAERT SA  BEKB.BR :
    * BEKAERT: THIRD QUARTER TRADING UPDATE 2020
    * 9-MONTH CONSOLIDATED SALES EUR 2.76 BILLION VERSUS EUR
2.72
BILLION IN COMPANY-PROVIDED CONSENSUS
    * DESPITE LOWER OVERALL SALES THAN LAST YEAR, WE EXPECT THE
UNDERLYING EBIT FOR THE FULL YEAR 2020 TO BE CLOSE TO 2019,
RESULTING IN AN IMPROVED UNDERLYING EBIT MARGIN
    * CONSOLIDATED SALES FOR THE FIRST NINE MONTHS OF 2020 WERE
WELL
BELOW THE SAME PERIOD LAST YEAR (-14% AT CONSTANT EXCHANGE
RATES) DUE TO THE HEAVY IMPACT OF THE COVID-19 PANDEMIC IN H1
    * HAVE BROUGHT DOWN NET DEBT LEVERAGE BELOW 2 AT THE END OF
THE
THIRD QUARTER AND WILL MAINTAIN THIS NET DEBT ON UNDERLYING
EBITDA LEVEL AS A TARGET - AHEAD OF PLAN - FOR THE CLOSE OF 2020
    * THE RECOVERY OF DEMAND IN MOST OF OUR MARKETS AND THE
LASTING
BENEFITS FROM STRUCTURAL IMPROVEMENT ACTIONS WILL ENABLE US TO
MAKE A STEP-UP IN PERFORMANCE IN THE SECOND HALF OF 2020
    * NET DEBT WAS € 834 MILLION ON 30 SEPTEMBER 2020, € -143
MILLION
DOWN FROM YEAR-END 2019 (€ 977 MILLION)
    * END-Q3 NET DEBT ON UNDERLYING EBITDA REDUCED BELOW 2.0,
VERSUS
2.5 AT END OF Q3 2019 AND 2.1 AT THE CLOSE OF LAST YEAR

Source text for Eikon:  ID:nGNE2pZG3V 
Further company coverage:  BEKB.BR 

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