May 10, 2019 / 5:59 AM / a month ago

Telefonica confirms 2019 guidance after Q1 organic core profit rises 1 pct

MADRID, May 10 (Reuters) - Spain’s Telefonica posted a rise in first-quarter core profit on an organic basis on Friday and confirmed guidance for growth of around 2 percent in revenue and margins over the full year.

Europe’s third-largest telecoms firm by market value said adjusted operating income before depreciation and amortisation (OIBDA) - a proxy for cash flow - rose 1 percent on an organic basis to 4.264 billion euros ($4.79 billion).

OIBDA was lifted 10.3 percent on a reported basis due to new accounting rules. Underlying OIBDA came in at 3.730 billion euros, compared to an average of analyst estimates provided by the company of 3.739 billion euros. ($1 = 0.8907 euros) (Reporting by Isla Binnie, editing by Paul Day)

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