May 7, 2020 / 4:25 PM / a month ago

Leonardo suspends 2020 guidance after booking Q1 net loss

MILAN, May 7 (Reuters) - Italian defence group Leonardo said on Thursday it was suspending its 2020 guidance after swinging to a net loss in the first quarter of the year due to the negative impact of the coronavirus outbreak.

“We are not able to quantify the COVID-19 impact in 2020 yet but we strongly believe in our solid fundamentals and remain fully focused on executing our industrial plan,” Chief Executive Alessandro Profumo said in a statement.

Between January and March the state-controlled group recorded a net loss of 59 million euros compared with a profit of 77 million euros in the same period last year, as extra costs linked to the health emergency hit profitability.

Revenue fell 5% year-on-year to 2.6 billion euros, while orders increased to 3.4 billion euros. (Reporting by Francesca Landini, editing by Giulia Segreti)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below