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Lately it seems companies have been withdrawing guidance left and right. Maybe it is just a cop-out during difficult times, but on the surface the large number of businesses that are withdrawing guidance is troubling for investors.
Valuations are determined based on discounting future earnings. Without some sort of idea as to what earnings, or lack thereof, will be, investors are a bit in the dark. Such lack of guidance is particularly troubling for companies with poor balance sheets.
For those with a stronger foundation, the lack of guidance, while still troubling, takes on less importance. As long as it is reasonable to assume that a company will navigate the darkness and ultimately see sunny days once again, investing in companies that pull guidance can be quite rewarding.
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