April 23, 2020 / 5:20 AM / a month ago

Germany's Adva withdraws 2020 outlook

April 23 (Reuters) - German telecommunications equipment company Adva Optical Networking said on Thursday it was not able to predict the course of business for 2020 and withdrew its previous outlook, citing uncertainties about the further course of the coronavirus crisis and its effects on the company’s business.

Adva’s previous expectations for 2020 included revenues growing to more than 580 million euros ($628 million) with an increased pro forma operating income of more than 5% of revenues, as well as a negative pro forma operating income margin.

The company reported a net loss of 7.2 million euros in the first quarter, compared with a profit of 1 million euros a year ago. ($1 = 0.9240 euros) (Reporting by Bartosz Dabrowski in Gdansk; Editing by Raju Gopalakrishnan)

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