Rolls Royce Plunges On Bombshell Profit Warning, Dividend Review; Faces “Near Death Experience”
by Tyler Durden
ZeroHedge.com
11/12/2015
You’d think that with balance sheets full of cash, record high stock prices, and a record low cost of capital, corporate management teams and their newly-minted billionaire executives could afford to splurge on a private jet or two, but apparently, the outlook isn’t looking good for 2016.
On Thursday, Rolls Royce delivered a stunner of a profit warning as new CEO Warren East said the company will take a hit of some $990 million on expected “sharply lower” sales of corporate jets along with headwinds facing the offshore oil market where the company’s customers use vessels powered by Rolls Royce engines.
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