Meggitt cuts revenue outlook for 2015
LONDON Nov 5 (Reuters) - British aircraft parts supplier Meggitt on Wednesday cut its expectations for 2015 in the latest downgrade in a series, blaming delays in the U.S. military market and financial difficulties being experienced by its partner in Brazil.
Meggitt said on Wednesday that it now expects percentage organic revenue growth in the low to mid-single digits next year, lower than the 6 to 7 percent average it had previously forecast for the medium term.
In August the company lowered its 2014 full-year expectations for organic revenue growth to low single digit percent from mid-single digits.
The group said it would also start a share buyback programme with the intention of achieving a debt to core earnings ratio at or slightly above 1.5x by the end of 2015. (Reporting by Sarah Young; editing by Susan Thomas)
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