September 17, 2019 / 9:48 AM / 3 months ago

Italy's Prysmian confirms 2019 targets after Corning cuts forecast

MILAN (Reuters) - Italy’s Prysmian confirmed its 2019 guidance after U.S. rival Corning (GLW.N) cut its sales forecast, a spokesman for the world’s largest cable maker said on Tuesday.

Corning, which counts Apple (AAPL.O) among its clients, said earlier on Tuesday it had cut its forecast to a sequential decline of a high-single digit percentage in the third quarter.

“Our guidance for 2019 is confirmed for two reasons: it was rather conservative and, in optic-fiber market we still have got margins to face price pressure,” the spokesman said.

Prysmian targets adjusted core profits between 0.95-1,02 billion euros this year.

Reporting by Giancarlo Navach, writing by Giulio Piovaccari

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