March 26, 2020 / 5:28 PM / 3 days ago

Konecranes scraps 2020 sales and profit guidance

March 26 (Reuters) - Konecranes said on Thursday demand outlook for its products was deteriorating due to the coronavirus crisis and the Finnish lifting equipment maker scrapped sales and profit guidance for 2020 it had issued last month.

“Konecranes expects the pandemic to have an impact on demand for its products and services, particularly in the first half of the year, but as the situation is evolving quickly it is too early to make reasoned estimates that quantify this impact,” it said.

Konecranes said 18 million euros ($20 million) cost overrun related to the execution of a port crane project in the United States would hit its first quarter profits. ($1 = 0.9070 euros) (Reporting by Tarmo Virki in Tallinn, Editing by Jane Merriman)

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