Meggitt PLC said Friday that it expects to deliver results for 2020 in line with guidance, and said Covid-19 vaccination programs will take time to feed through into growth in air travel and aftermarket activity levels.
The U.K. supplier of components for the aerospace, defense and energy markets said underlying operating profit for 2020 is expected to be in the middle of its previous guidance range of between 180 million and 200 million pounds ($246.4 million-$273.8 million).
Revenue for 2020 is expected to be around GBP1.7 billion.
Meggitt said it expects a positive free cash flow, and that its net debt level will be below the level recorded at the end of 2019.
The company said vaccination programs and pent-up demand for air travel should support a recovery in civil aerospace this year, although logistical challenges associated with the vaccine rollout mean the recovery will take time.
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January 15, 2021 at 02:22PM
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Meggitt sees 2020 results in line with guidance - MarketWatch
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