Prysmian 9-mth earnings down 5 pct, confirms FY target
MILAN Nov 6 (Reuters) - Italy's Prysmian, the world's largest cable maker, on Wednesday reported a 5.2 percent fall in nine-month earnings, but said sales and profitability were recovering in the third quarter and confirmed its target for the full year.
The group, which manufactures cables used in the energy and telecoms industries, said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the nine months ended September fell to 444 million euros ($598 million). Sales fell 7.5 percent to 5.488 billion euros.
Prysmian, which operates in 50 countries at 91 plants, confirmed its guidance for the full year, saying it expected to report an adjusted EBITDA of between 600-650 million euros. ($1 = 0.7421 euros) (Reporting by Agnieszka Flak, editing by Isla Binnie)