SGL Carbon Anticipates Q2 Recurring EBIT At Break-even Level; Issues FY20 Outlook
(RTTNews) - SGL Carbon SE (SGLFF.PK) said its preliminary results for the second quarter do not look as weak as anticipated. The company said its Group sales likely declined by approx. 25% compared to the prior year level, while recurring EBIT likely have remained at break-even level. Previously, the company projected Group sales to decline substantially double-digit compared to the prior year level, and a negative recurring EBIT.
For full year 2020, SGL Carbon expects Group sales to decline year-over-year by 15% to 20%. The Group estimates a slightly positive operating recurring EBIT for the fiscal year. Group net result from continuing operations is expected in a similar magnitude as before the Covid-19 pandemic outbreak (negative low double-digit million euros amount) despite a lower operating Group recurring EBIT. Capital expenditures will be further reduced in the current year to approx. 60 million euros.
The Group reported that its liquidity position was at approx. 150 million euros at the end of the second quarter 2020, and has remained stable compared to the end of the prior quarter.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.