SAF Safran SA

   By Cristina Roca 
 

Safran SA said Wednesday that its first-quarter revenue fell as the virus began to hit its business in March, and warned the second quarter could be worse.

The French aerospace-and-defense company reported revenue of 5.38 billion euros ($5.83 billion) for the quarter, down from EUR5.78 billion a year earlier. The result missed consensus expectations of EUR5.44 billion, according to a FactSet estimate.

Revenue declined 8.8% on an organic basis, Safran said.

Safran said it performed in line with its initial guidance, now withdrawn, until the end of February, before the virus started to hit its business.

Sales in March fell organically by 20%, and these negative trends intensified in April, the company said. "The drop in [second-quarter] revenue could be similar to that of April," Safran said.

The company said its cash and cash equivalents position stood at EUR3.2 billion at the end of March. It is aiming to maintain positive cash generation over the full year despite significant potential headwinds over the next two quarters, it said.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

April 29, 2020 12:26 ET (16:26 GMT)

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