AMG Advanced Metallurgical Group N.V. Withdraws 2020 Earnings Target and Announces First Quarter 2020 Earnings Call and Webca...
20 April 2020 - 3:00PM
AMG Advanced Metallurgical Group N.V. Withdraws 2020 Earnings
Target and Announces First Quarter 2020 Earnings Call and Webcast
Date Annual General Meeting to be Held May 6, 2020
Amsterdam, 20 April 2020
(Regulated Information) -- AMG Advanced
Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”)
provides an update on its 2020 earnings target and announces the
First Quarter 2020 Earnings Call timing.
Given the difficulty of projecting earnings for
the remainder of the year due to COVID-19 effects on our customers,
AMG has decided to withdraw its earnings guidance for 2020. A new
target will be announced once the global industrial economy begins
to stabilize.
AMG’s operations remain robust, and its employee
base is healthy, with only one reported case of COVID-19.
Nonetheless, given the potential strains on our customer base,
predicting demand fluctuations is difficult.
AMG’s balance sheet is sound and the Company
enjoys significant liquidity. AMG has approximately $200 million in
cash, $170 million of undrawn revolver capacity, and $300 million
of cash reserved to finance its ferrovanadium expansion project in
Ohio.
First Quarter Earnings Call and Annual
General Meeting of Shareholders AMG will release results
for its first quarter on Tuesday, May 5, 2020. It will hold a
conference call the same day at 2:00 p.m. EDT (8:00 PM CEST) to
discuss the results and the impact of the COVID-19 pandemic. In
addition, AMG confirms that it will host its Annual General Meeting
of Shareholders on May 6, 2020 and has invited shareholders to
attend virtually. Details and more information about AMG’s Annual
Meeting can be found at AMG’s website (amg-nv.com) which will
continue to show any necessary updates up through the date of the
Meeting.
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated
information as defined in the Dutch Financial Markets Supervision
Act (Wet op het financieel toezicht).
About AMG
AMG is a global critical materials company at
the forefront of CO2 reduction trends. AMG produces highly
engineered specialty metals and mineral products and provides
related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end
markets.
AMG Critical Materials produces aluminum master
alloys and powders, ferrovanadium, natural graphite, chromium
metal, antimony, lithium, tantalum, niobium and silicon metal. AMG
Technologies produces titanium aluminides and titanium alloys for
the aerospace market; designs, engineers, and produces advanced
vacuum furnace systems; and operates vacuum heat treatment
facilities, primarily for the transportation and energy
industries.
With approximately 3,300 employees, AMG operates
globally with production facilities in Germany, the United Kingdom,
France, the Czech Republic, the United States, China, Mexico,
Brazil, India, Sri Lanka and Mozambique, and has sales and customer
service offices in Russia and Japan (www.amg-nv.com).
For further information, please
contact:AMG Advanced Metallurgical Group
N.V. +1 610 975
4979Michele FischerVice President
Investor Relationsmfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not
historical facts and are “forward looking”. Forward looking
statements include statements concerning AMG’s plans, expectations,
projections, objectives, targets, goals, strategies, future events,
future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG’s
competitive strengths and weaknesses, plans or goals relating to
forecasted production, reserves, financial position and future
operations and development, AMG’s business strategy and the trends
AMG anticipates in the industries and the political and legal
environment in which it operates and other information that is not
historical information. When used in this press release, the words
“expects,” “believes,” “anticipates,” “plans,” “may,” “will,”
“should,” and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their very
nature, forward looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements
speak only as of the date of this press release. AMG expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward looking statement contained
herein to reflect any change in AMG's expectations with regard
thereto or any change in events, conditions, or circumstances on
which any forward looking statement is based.
- April 20 2020 Business Operations Release
AMG Critical Materials NV (EU:AMG)
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