By Olivia Bugault 
 

Safran SA confirmed its 2020 outlook Friday after posting falling revenue in its third quarter and despite uncertainties ahead about the coronavirus pandemic.

The French aerospace-and-defense company booked quarterly adjusted revenue of 3.38 billion euros ($3.97 billion), compared with EUR6.1 billion a year earlier.

"After a second quarter strongly hit by the impacts of the Covid-19 crisis on all activities, the third quarter has seen a lesser deterioration," Safran said.

Safran backed its outlook for the year despite uncertainties on air-traffic recovery due to the health crisis. Its targets include adjusted revenue down by roughly 35% and positive free cash flow in the second half of the year.

Safran said it made progress on its adaptation plan and reduced its workforce to roughly 81,200 employees at mid-October, while it has cut capital-expenditure commitments by 74% year to date, it said.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

October 30, 2020 02:25 ET (06:25 GMT)

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