March 26, 2020 / 12:35 PM / 2 months ago

BRIEF-Infineon Technologies Withdraws 2020 Outlook Due To Coronavirus

March 26 (Reuters) - INFINEON TECHNOLOGIES AG:

* INFINEON WITHDRAWS OUTLOOK FOR FY20; ECONOMIC IMPACT RESULTING FROM CORONAVIRUS PANDEMIC CAN CURRENTLY NOT BE RELIABLY ASSESSED

* IMPACT OF CORONAVIRUS PANDEMIC CAN RESULT IN A DEVIATION FROM THIS EXPECTATION AND CAN LEAD TO A NOTICEABLE DECLINE IN REVENUE COMPARED TO LAST FISCAL YEAR

* FOR CURRENT QUARTER ENDING ON 31 MARCH, REVENUE IS EXPECTED TO COME IN AROUND LOWER END OF GUIDED RANGE

* GIVEN UNCERTAINTY REGARDING SEVERITY AND LENGTH OF PANDEMIC’S ECONOMIC IMPACT, SPECIFIC IMPLICATIONS ON SALES AND EARNINGS FOR 2020 CANNOT BE RELIABLY ASSESSED OR QUANTIFIED

* SECOND HALF OF 2020 FISCAL YEAR WILL BE IMPACTED BY NEGATIVE ECONOMIC CONSEQUENCES OF DISRUPTIONS CAUSED BY VIRUS CONTAINMENT MEASURES

* NUMBER OF CARS PRODUCED AND SOLD IS PREDICTED BY MARKET RESEARCHERS TO DECLINE CONSIDERABLY IN ALL MAJOR MARKETS COMPARED TO 2019 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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