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Provider: Reuters Investment Profile
Provider: GlobalData

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Nexans SA Comments on FY 2013 EBITDA and Operating Margin Guidance; Issues H2 2013 Net Result Guidance; Announces Restructuring Plan and Job Cuts

Tuesday, 15 Oct 2013 02:17am EDT 

Nexans SA announced that it has revised its fiscal year 2013 EBITDA and operating margin target levels to the ranges of EUR 285 million to EUR 305 million, and EUR 130 to EUR 150 million, respectively, assuming a normal operating environment. The net result for the second half of fiscal year 2013 should be negative. The Company also announced that it commenced a study in the second quarter of 2013 of a cost-savings analysis in Europe. A document setting out a reorganization project for the operations of the Group's European subsidiaries has been presented to employee representatives. The overall project contains several components: streamline the manufacturing base of the Industry segment in Europe; optimize the organizational structure and production sites of the land high-voltage business; streamline and adapt support functions in line with the requirements of the Group's European subsidiaries, and strengthen R&D resources. The project would be implemented in all of the European countries but would primarily concern France, Germany, Switzerland, Italy and Belgium. The adaptation measures would lead to 468 job cuts in Europe but would also involve the transfer of 462 jobs and the creation of 39 new positions. 

Company Quote

-0.645 -1.79%
11 Jul 2014