March 26, 2020 / 9:51 AM / in 2 days

BRIEF-Austin Engineering Withdraws 2020 Earnings Forecast, Defers Interim Dividend

March 26 (Reuters) - Austin Engineering Ltd:

* EARNINGS GUIDANCE WITHDRAWAL AND INTERIM DIVIDEND DEFERRAL

* IS WITHDRAWING ITS FY2020 EARNINGS GUIDANCE OF $24-$28 MILLION NORMALISED EBITDA

* HAS ELECTED TO DEFER PAYMENT OF ITS INTERIM DIVIDEND OF 0.2 CENTS PER SHARE (TOTALLING $1.2 MILLION) UNTIL 30 SEPTEMBER 2020

* THERE IS A RISK THAT WORKLOADS IN INDONESIA IN FINAL QUARTER OF FY2020 WILL BE SUBDUED IF PURCHASE DECISIONS ARE DEFERRED

* FACILITY IN INDONESIA IS ON TRACK TO MEET ITS MANUFACTURING TARGETS ON ORDERS ALREADY RECEIVED

* CLOSURES OF FACILITIES IN COLOMBIA AND PERU NOT CURRENTLY EXPECTED TO HAVE A MATERIAL IMPACT ON EARNINGS GUIDANCE

* TWO LARGE ORDERS THAT WERE EXPECTED TO BE RECEIVED BY INDONESIA FACILITY ARE STILL WAITING FINAL APPROVAL

* THERE ARE NO CONFIRMED CASES OF COVID-19 AMONG EMPLOYEES THAT CO IS AWARE OF

* EXPECTATIONS FOR CURRENT YEAR EARNINGS INCLUDE MATERIALLY HIGHER Q4 AS OPERATIONS RAMP UP TO MEET INCREASED DEMAND LEVELS Source text for Eikon: Further company coverage:

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