Prysmian sees 2012 EBITDA likely at upper end of guidance

MILAN Thu Nov 8, 2012 9:59am EST

MILAN Nov 8 (Reuters) - Italy's Prysmian, the world's largest cable maker, said on Thursday it expected core earnings to likely achieve the higher end of its guidance range in 2012, after nine-month core earnings were boosted by synergies with its Draka cables unit.

In a statement Prysmian said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were 468 million euros, up 9.8 percent, just topping a Thomson Reuters I/B/E/S estimate of 465 million euros.

Revenue was 5.93 billion euros, down 0.5 percent from the 5.99 billion euros posted during the same period last year.

The group, which overtook French peer Nexans to become the world's largest player last year when it acquired Draka, confirmed its guidance for the year.

The group said it expected an adjusted EBITDA of 600-650 million euros with the upper end of the range more likely. (Reporting by Stephen Jewkes, writing by Jennifer Clark, editing by Antonella Ciancio)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.