Cobham Warns on 2016 Profit, Sees Tough 2017
16 February 2017 - 7:15PM
Dow Jones News
LONDON-- U.K. defence and aerospace company Cobham PLC (COB.LN)
Thursday said it will miss 2016 expectations and predicted another
tough year in 2017.
The company said it incur a 150 million pound ($188 million)
charge related to the cost of a contract to supply aerospace
company Boeing Co. (BA) with aerial refueling systems for KC-46
planes.
As a result of this and other charges the company expects
underlying trading profit of GBP225 million for 2016, down from
previous estimates of between GBP255 million and GBP275
million.
The company said continuing difficulties mean it "may be
challenging" to deliver a 2017 performance in line with that of
2016.
Given these and the issues highlighted above the Board considers
that delivery of a similar performance to that of 2016 in 2017 may
be challenging.
"2016 was an incredibly turbulent and disappointing year for
Cobham," said Chief Executive David Lockwood.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
February 16, 2017 03:00 ET (08:00 GMT)
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