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Lendlease issues earnings downgrade as COVID-19 bites
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Global development giant Lendlease has issued a sharp downgrade of its operating earnings guidance to between $375 million and $410 million, in the first big move to clear the decks by newly appointed chief executive Tony Lombardo.
Driving the downgrade is the ongoing impact of the COVID-19 pandemic on Lendleaseâs operating business, particularly in the UK, as well as the status of its non-core business, the company said.
Incoming chief executive Tony Lombardo has embarked on a wide-ranging review of operations. Â Arsineh Houspian
While Lendlease does not typically issue earnings, market consensus was for an operating profit of around $460 million.
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