Uponor withdraws its guidance for 2020 – lack of visibility to potential COVID-19 impacts

Uponor Corporation     Inside information     19 March 2020     11:00 EET

Uponor withdraws its guidance for 2020 – lack of visibility to potential COVID-19 impacts

Due to the COVID-19 pandemic, severe and extensive restrictions have been placed by several European and North American countries, where Uponor’s main markets are located. Market indications especially from the United States, which is our largest national market, show disturbances in construction activities, which may directly impact our North American business. In this situation, it is impossible to estimate the potential impact to the comparable operating profit and hence, Uponor withdraws its current guidance, according to which Uponor expected the comparable operating profit to improve from 2019. Once visibility improves and the significant uncertainties have cleared, Uponor expects to update its outlook and issue a new guidance.

“The year 2020 started strongly in most of our businesses, and our operations are as of this morning running at full speed. Various signals from the market place including restrictions imposed on movement of people are likely to postpone construction projects in many geographies. As this likelihood and anticipated duration of the slow down are both unknown at this stage, we have lost the required visibility for maintaining a guidance,” says Jyri Luomakoski, President and CEO, Uponor Corporation.

 

Further information:

Uponor Corporation

Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Minna Yrjönmäki, CFO, tel. +358 20 129 2036

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Uponor in brief
Uponor is rethinking water for future generations. Our offering, including safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure, enables a more sustainable living environment. We help our customers in residential and commercial construction, municipalities and utilities, as well as different industries to work faster and smarter. Uponor employs about 3,800 professionals in 26 countries in Europe and North America. In 2019, Uponor's net sales totalled approximately €1.1 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponor.com