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Coats upgrades outlook on improved performance
StockMarketWire.com
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Thread manufacturer Coats upgraded its outlook on profit following improved trading performance.
Adjusted operating profit for 2020 is expected to be ahead of market expectations and in the range of $100-to-$110 million, the company said.
For the period 1 July 2020 to 31 October 2020, sales declined 11% year-on-year, which reflected 15% organic decline and a 6% contribution from the acquisition of Pharr High Performance Yarns, acquired in February.
The decline was pressured by a 15% fall in apparel and footwear.
'The improving performance seen to date and trading outlook for the remainder of 2020 remains encouraging, however, we are mindful that uncertainties related to Covid remain around the recovery profile of our various global end markets as we look into 2021,' the company said.
Story provided by StockMarketWire.com
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