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Saipem SpA Lowers FY 2013 EBIT and Net Result Guidance

Friday, 14 Jun 2013 12:50pm EDT 

Saipem SpA announced that it has lowered the Company's EBIT and Net Result Guidance for fiscal year 2013. The Company expects to report for fiscal year 2013 EBIT between EUR 650 million and EUR 750 million and the net result to be a loss in the range of EUR-300 million to EUR-350 million. The Company explained that following the presentation of the First Quarter results and the Operational Review on April 23 and 24, 2013 and the Shareholder Meeting of April 30, 2013, there has been a deterioration in the Company's commercial position in Algeria. In addition, following appointment of new E&C Regional Managers, a number of operating issues materialized in relation to two onshore contracts in an advanced stage of execution in Mexico and Canada, together with some unexpected technical challenges occurring in the E&C Offshore business. These issues lead to a small number of large-scale contract losses which are the result of unrelated issues. As a result, and considering a full evaluation of the issues is to be completed and discussions with clients remain ongoing, management have reduced the guidance for fiscal year 2013. According to I/B/E/S Estimates, analysts on average were expecting the Company to report for fiscal year 2013 EBIT of EUR 769.72 million and net income of EUR 431.13 million. 

Company Quote

-0.52 -2.82%
29 Jul 2014