Safran Backs 2020 Outlook After Plunging 3Q Revenue
By Olivia Bugault
Safran SA confirmed its 2020 outlook Friday after posting
falling revenue in its third quarter and despite uncertainties
ahead about the coronavirus pandemic.
The French aerospace-and-defense company booked quarterly
adjusted revenue of 3.38 billion euros ($3.97 billion), compared
with EUR6.1 billion a year earlier.
"After a second quarter strongly hit by the impacts of the
Covid-19 crisis on all activities, the third quarter has seen a
lesser deterioration," Safran said.
Safran backed its outlook for the year despite uncertainties on
air-traffic recovery due to the health crisis. Its targets include
adjusted revenue down by roughly 35% and positive free cash flow in
the second half of the year.
Safran said it made progress on its adaptation plan and reduced
its workforce to roughly 81,200 employees at mid-October, while it
has cut capital-expenditure commitments by 74% year to date, it
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(END) Dow Jones Newswires
October 30, 2020 02:25 ET (06:25 GMT)
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