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MTU Aero Engines Withdraws 2020 Guidance Due To Coronavirus Pandemic

German aircraft engine manufacturer MTU Aero Engines AG (MTUAY.PK) has withdrawn the guidance for the financial year 2020, amid the Coronavirus pandemic. The withdrawal decision was based on the assessment of market scenarios presently deemed likely, and on a catalogue of expenditure reduction measures.

Especially due to significant reductions in passenger air traffic and the consequences for airlines, revenues and adjusted EBIT for the financial year 2020 are expected not to grow with a high single digit percentage as forecast.

The company noted that the cash conversion rate, expressing the ratio of free cashflow to net income adjusted, is also likely not to reach the forecast 70 percent in 2020.
MTU said it will publish its annual report for the financial year 2019 on March 27, 2020.

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