Many companies say they have gotten better at forecasting performance during the past two years, but black swan events like the war in Ukraine remain hard to navigate
Nearly 1,000 companies have announced they would curtail business activities in Russia, according to the Yale School of Management. Among those: Raytheon, which recently shaved off $750 million from its annual sales forecast, and SAP.
Covestro, which makes chemicals for industrial coatings, mattresses and other products, in recent quarters has been affected by external factors such as the early 2021 winter storm in Texas and the current Covid-19 restrictions in and around Shanghai. The company continues to operate its factory there with about 900 employees in a bubble, but is facing challenges to reach full capacity amid backlogs in the port and other logistics issues, CFO Thomas Toepfer said.
Covestro on Monday said it has reduced its fiscal 2022 forecast for several core metrics, including earnings before interest, taxes, depreciation and amortization and free operating cash flow, in part due to the situation in China, higher energy costs and lower-than-expected global growth. The company recently launched a strategic review of its Europe, Middle East and Africa business, which might result in Whirlpool selling or keeping it. “The war in the Ukraine and the energy prices are just one more proof point in a long series of proof points that show the volatility of that market,” Mr. Peters said, referring to the EMEA region.
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