|Bid||251.00 x 0|
|Ask||0.00 x 0|
|Day's range||275.00 - 294.00|
|52-week range||196.15 - 701.80|
|Beta (5Y monthly)||0.91|
|PE ratio (TTM)||9.79|
|Earnings date||05 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||19 Mar 2020|
|1y target est||577.07|
British engineering company Meggitt <MGGT.L> said it planned to shed about 1,800 jobs as part of a cost cutting plan to cope with a contraction in the world's air travel market due to the coronavirus pandemic. Meggitt, which makes parts used in planes, said on Thursday that it was too early to provide guidance for this year given the coronavirus crisis, and its focus was on cutting costs. The company said that it would cut jobs equivalent to 15% of its global workforce of 12,000 people, but a spokesman said there was no clarity on where those jobs would be lost.
LONDON/MILAN (Reuters) - From Washington to London, Beijing to Rome, governments are drafting automakers and aerospace manufacturers to ramp up production of ventilators and other medical equipment to bolster what most experts say is an inadequate arsenal of coronavirus treatment tools. Authorities are hoping large-scale manufacturers can use their low-cost supply chains and digital design expertise, including 3D printing, and repurpose some factories in order to make up the expected shortfall in vital medical hardware. Some of Britain's biggest aerospace and car companies have formed three teams to produce basic ventilators to help the country's National Health Service cope with the coronavirus outbreak.
Britain's Meggitt <MGGT.L> warned that future growth would be constrained by the halt to production of Boeing's <BA.N> 737 MAX aircraft and the economic impact of the coronavirus, knocking its shares. For 2020, Meggitt, which makes aerospace parts, said that organic revenue growth would be between 2% and 4%, trailing the 8% rise recorded last year, while underlying operating profit would take a 20 million pound ($26 million) hit from the two factors. The impact was split equally, with 10 million pounds from the Boeing issues and 10 million pounds from the rapid spread of the COVID-19 virus, mainly as a result of the drop in air traffic, Meggitt CEO Tony Wood said.
The company, which supplies aerospace components and wheels and brakes for military fighter programmes, said it expects full year organic revenue growth between 6% and 7%, up from an earlier view of 4% to 6%. Meggitt is a key supplier to Airbus <AIR.PA> and Boeing, which earlier this year said it would cut production of its 737 MAX aircraft as it struggles with the worldwide grounding of the narrowbody jet following two fatal crashes in less than five months.