DUBLIN (dpa-AFX) - Security solutions provider Allegion plc (ALLE) announced Thursday it is withdrawing its financial guidance for the full year 2020, previously issued on February 18, 2020, until visibility in the global markets returns to more predictable levels amid the high uncertainty around the duration and severity of the coronavirus (COVID-19) pandemic.
Allegion noted that it continues to monitor, evaluate and manage its operating plans, inventory levels and supply of materials around the world in light of the most recent developments in its markets.
Allegion said it will provide its business and financial updates in its quarterly earnings release.
Today, Allegion's operations in Mexico are temporarily suspended due to a general public health decree, which follows its earlier response to similar decrees in Italy and Spain.
Allegion recently implemented several actions to address the COVID-19 impact to its business, including reductions to discretionary spending, elimination of non-essential investments, a hiring freeze and re-prioritization of all capital expenditures.
The company said it currently has an undrawn credit facility up to $500 million available, if needed, and no principal payments due on outstanding debt until September 2022.
Copyright RTT News/dpa-AFX
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