AMG expects a lower operating result in 2020

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Published on 28 July 2020 18:49 |
Views: 4.316

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AMG
28 jul

15,13
-0,41
(-2,64%)

AMSTERDAM (AFN) – Metals specialist Advanced Metallurgical Group (AMG) expects operating profit (EBITDA) to be lower throughout 2020 than in 2019 when the result was more than $ 121 million. AMG announced this in the figures for the second quarter.

Second quarter operating income was $ 7.8 million compared to $ 23.8 million a year earlier. Sales fell 32 percent year-over-year to $ 207.6 million. According to the company, sales volumes and prices were under considerable pressure due to the corona crisis. A net loss of $ 12.5 million was incurred. That was down from $ 31 million a year earlier.

AMG is pursuing a program to cut operating costs by $ 15 million annually. The company believes this will be fully achieved by the end of 2021. AMG also states that the liquidity position is strong, with $ 390 million. Furthermore, the free cash flow was robust at $ 11.6 million, according to the company.

0.10 euro dividend per share

The company wants to pay an interim dividend of 0.10 euros per share. Last year this was still 0.20 euros per share.

According to AMG, Corona’s impact on operating profit for the quarter was approximately $ 18 million. CEO Heinz Schimmelbusch said the corona crisis hit the results “significantly” with “dramatically” lower volumes, especially in the aviation sector. Demand was also under pressure from the car industry and steel sector.

AMG is pursuing its strategic plans, including the construction of a new factory in Zanesville, Ohio, USA.

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Advanced Metallurgical Group

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  1. I think this will be well received.
    Have no position.

  2. A great share, I don’t have a position yet, but it is high on my buying list. Now collect some cash to buy AMG!

  3. Like last days with other stocks that underperformed, AMG is hopefully also up 15%.

  4. AMG? They cost me tons of money, I will never fall for it again ….

  5. Just bought several thousand today. Just leave them on the shelf for a while. Next year will certainly be significantly higher.

  6. Have also bought only tens of thousands. Good for the shelf.

  7. Funny I bought several hundreds of thousands..ff year on the shelf. Seeing how the year continues will be sparkling

  8. Ah, was that you? I wanted to buy 1 million pieces of it, but the price showed that there were more who wanted to get rid of it;)

  9. Guys, that must be a heavily propped plank with your shopping appetite. Risk of collapse!

  10. effegenoeg wrote down 28 July 2020 19:05:

    I think this will be well received.
    Have no position.

    Can’t call it a position anymore, but a very small mini portion of shares. Wouldn’t buy them again. At least they still give some dividends.

  11. I know what I have … besides my account manager, my accountant and the tax authorities. My account manager rarely agrees with me, my accountant does not dare to invest like this and the tax authorities benefit from it … and myself ….. ???? As long as the yield is more than the aforementioned cost items, then I am satisfied for the time being!

  12. Peasant wit wrote down 28 July 2020 20:26:

    Ah, was that you? I wanted to buy 1 million pieces of it, but the price showed that there were more who wanted to get rid of it;)

    Apparently there were just as many buyers as sellers don’t you think smart?

  13. Just as many buyers as sellers! ???! You can never know that, smart guy. You can say that about the number of shares traded, but not about the number of buyers / sellers.

  14. AMGflop wrote down 28 July 2020 22:25:

    Just as many buyers as sellers! ???! You can never know that, smart guy. You can say that about the number of shares traded, but not about the number of buyers / sellers.

    How about the counter …..?



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https://www.iex.nl/Nieuws/ANP-280720-266/AMG-rekent-op-lager-bedrijfsresultaat-in-2020.aspx

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