UPDATE 1-Umicore results to decline strongly as COVID-19 hits auto market [Reuters]
UMICORE SA UNSP/ADR (UMICY)
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Source: Reuters
UPDATE 1-Umicore results to decline strongly as COVID-19 hits auto market (Adds details, background.) April 30 (Reuters) - Belgian battery producer Umicore warned on Thursday of a considerable fall in 2020 core profit as coronavirus-related restrictions weighed on market demand and global car production. Although results for the first-quarter exceeded those of the same period in 2019, Umicore said it expected full-year recurring earnings before interest and taxes (EBIT) to be considerably below last year’s level as the duration of pandemic-related restrictions remained highly uncertain, making visibility on market demand extremely low. To preserve cash and offset the impact of COVID-19 on results, the company adjusted its production capacity where needed and furloughed 10% of its workforce. It also reduced its capital expenditure expectations for the year to 400-450 million euros ($435-$489 million), also well below the levels of 2019, by delaying certain investments. The automotive i
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