May 13, 2019 / 4:02 PM / 10 days ago

Prysmian sticks to guidance after Q1 core earnings top expectations

MILAN, May 13 (Reuters) - Italian cable maker Prysmian stuck to its targets for this year despite recent faults at WesternLink submarine connection after core earnings rose 17% in the first quarter, driven by the telecom business.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 231 million euros ($259 million), Prysmian said on Monday, topping a company-provided marker consensus of 210 million euros.

Last month the company officially restated its EBITDA for 2018 to 767 million euros, after hiking provisions for problems at WesternLink submarine connection by 70 million euros.

$1 = 0.8903 euros Reporting by Giulio Piovaccari

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