Héroux-Devtek Withdraws Fiscal 2022 Guidance Amid COVID-19 Uncertainty

Héroux-Devtek Withdraws Fiscal 2022 Guidance Amid COVID-19 Uncertainty

Canada NewsWire

LONGUEUIL, QC, April 7, 2020

LONGUEUIL, QC, April 7, 2020 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products and the world's third-largest landing gear manufacturer, today announced its decision to withdraw its Fiscal 2022 sales guidance given the uncertainty brought to overall economic conditions, and specifically the aerospace market, by the ongoing COVID-19 pandemic.

"We are withdrawing our Fiscal 2022 sales guidance given our currently limited visibility over the longer-term impact of the pandemic on the aerospace market, especially in the commercial segment. Our strong defence backlog, however, will play a key role in our ability to weather the storm," said Martin Brassard, President and CEO of Héroux-Devtek.

FORWARD-LOOKING STATEMENTS

Except for historical information, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation.

Forward-looking statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, the impact of the COVID-19 pandemic, fluctuations in quarterly results, evolution in customer demand for the Corporation's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes.

As a result, readers are advised that actual results may differ from expected results. Please refer to the Corporations' latest MD&A for further details regarding the material assumptions underlying the forecasts and guidance. Such forecasts and guidance are provided for the purpose of assisting the reader in understanding the Corporation's financial performance and prospects and to present management's assessment of future plans and operations, and the reader is cautioned that such statements may not be appropriate for other purposes.

ABOUT HÉROUX-DEVTEK

Héroux-Devtek Inc. (TSX: HRX) is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical actuators, custom ball screws and fracture-critical components for the Aerospace market. The Corporation is the third-largest landing gear company worldwide, supplying both the commercial and defence sectors. Approximately 90% of the Corporation's sales are outside of Canada, including about 50% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in Canada, the United States, the United Kingdom and Spain.

SOURCE Héroux-Devtek Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/April2020/07/c2973.html

Copyright CNW Group 2020