April 29, 2020 / 11:19 AM / a month ago

Hexagon launches new savings programme amid impact from pandemic

STOCKHOLM, April 29 (Reuters) - Industrial technology group Hexagon on Wednesday said it had initiated a company-wide cost savings programme due to the COVID-19 pandemic as it reported quarterly core earnings in line with market expectations,

First-quarter operating earnings at the Swedish group fell to 192 million euros($208 million), down from 221 million in the year-earlier quarter, and in line with the 191 million mean analyst forecast in a Refinitiv poll.

The company said it would take a one-off charge of around 135 million euro during the second quarter, with the cost-cutting measures seen resulting in annualised savings of around 125-150 million by the end of 2020. ($1 = 0.9219 euros) (Reporting by Johannes Hellstrom; editing by Johan Ahlander)

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