March 3, 2020 / 7:24 AM / a month ago

BRIEF-Grammer Sees Decrease In Revenues And Weaker Earnings In Q1

March 3 (Reuters) - Grammer AG:

* DGAP-NEWS: GRAMMER EXPECTS DECREASE IN REVENUES AND WEAKER EARNINGS IN THE FIRST QUARTER 2020

* EFFECTS OF CORONAVIRUS HAVE AN ADVERSE IMPACT ON REVENUES AND EARNINGS IN Q1

* REDUCED DIVIDEND PROPOSAL TO STRENGTHEN EQUITY

* DECLINE IN GLOBAL VEHICLE PRODUCTION IN BOTH SEGMENTS LEADS TO REDUCED REVENUES AND EARNINGS IN 2020

* PREDICTING A SIGNIFICANT DECREASE IN REVENUES FOR Q1 COMPARED TO PREVIOUS YEAR (Q1/2019: EUR 534 MILLION)

* FIRST MEASURES OF EFFICIENCY ENHANCEMENT PROGRAM IMPLEMENTED

* ASSUMES (EBIT) (PRIOR YEAR: EUR 24 MILLION) AND OPERATING EBIT (PRIOR YEAR: EUR 23 MILLION) FOR Q1 TO BE VERY SIGNIFICANTLY LOWER THAN IN SAME PERIOD OF LAST YEAR

* FORECASTING A DECLINE IN SALES AND EARNINGS FOR FULL YEAR

* DOES NO LONGER MAINTAIN ITS ORIGINAL REVENUES AND EARNINGS FORECAST FOR COMING YEARS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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