Johnson Electric Holdings Limited Revises Sales Guidance for the Fourth Quarter Ending March 31, 2020; Provides Sales Guidance for the Second Half and Full Year Ending March 31, 2020
March 04, 2020 at 04:13 am EST
Since Johnson Electric Holdings Limited published its third quarter business and financial update on 15 January 2020, the situation concerning the impact of the COVID-19 health emergency on the Company's manufacturing operations and supply chain in China has continued to evolve. Given the unanticipated impact of COVID-19 on production activity in China since late January, and notwithstanding the gradual return towards normal production levels, the company now anticipate again based on current available information that Johnson Electric's sales in the fourth quarter of its current financial year ending 31 March 2020 will be approximately $60 million to $80 million lower than was anticipated in early January.
Sales in the second half of the financial year are expected to be between 2% to 3% lower than the first half. Hence, full year reported sales are expected to be approximately $3.1 billion. Excluding currency movements, this represents a decrease of approximately 3% to 4% compared to the prior financial year.