2020-04-27 16:41:06 LXFR Luxfer
04/27/20 04/2716:41 04/27/2016:41 | Luxfer withdraws FY20 financial guidanceDue to the economic uncertainty related to the COVID-19 pandemic, Luxfer is withdrawing its financial guidance for 2020 provided on March 5. "Given the extreme uncertain and volatile market conditions, Luxfer has decided to withdraw full year guidance. We will continue to focus on controllable business measures, such as cost reductions and cash generation," stated Mr. Maskara. "We expect the current market conditions to have a significant near-term impact on our business and have implemented various counter measures to position Luxfer for success when our markets improve. We have a strong balance sheet and also a large existing credit facility which will enable us to emerge stronger at the end of this economic downturn." The company added that, given the evolving impact of the pandemic, it is not providing any new full-year earnings guidance. It anticipates resuming practice of providing full-year earnings guidance once the degree of economic uncertainty driven by the COVID-19 pandemic subsides. |
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