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27-Mar-2020 8:52 AM

MTU Aero Engines withdraws 2020 guidance due to coronavirus

MTU Aero Engines withdrew (26-Mar-2020) its guidance for FY2020 due to the COVID-19 situation. The company's previous guidance was issued on 20-Feb-2020. MTU's s decision is based on the assessment of market scenarios presently deemed likely, and on a catalogue of expenditure reduction measures. Due to significant reductions in passenger air traffic and the consequences for airlines, revenues and adjusted EBIT for FY2020 are expected not to grow with a high single digit percentage as forecast. The cash conversion rate (ratio of free cash flow to net income adjusted) is also likely not to reach the forecast 70% in 2020. [more - original PR]

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