COVID-19 impact: Grammer predicts significant decrease in revenues for first quarter
The company also expects lower y/y sales and earnings in 2020
Grammer has forecast a significant decline in its revenue and earnings in the first quarter ending 31 March 2020 due to the novel coronavirus disease (COVID-19) outbreak in China, the Germany-based automotive supplier said in a press release today (3 March). According to the company, the outbreak has forced its automotive customers in China to stop production for several weeks since the end of January this year. Based on the preliminary figures for the first two months of this year, the German supplier is now expecting significant declines in both revenues and earnings compared with the first quarter a year earlier. In the first quarter of 2019, Grammer reported revenue of EUR534 million, EBIT of EUR24 million, and operating EBIT of EUR23 million in the first quarter 2019.
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