UPDATE 1-Italy's Prysmian says coronavirus and tariffs will halt profit growth [Reuters]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
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Source: Reuters
UPDATE 1-Italy's Prysmian says coronavirus and tariffs will halt profit growth (Adds details from conference call, changes headline) MILAN, March 5 (Reuters) - Italian cable maker Prysmian warned on Thursday that core profit would not grow this year after global trade tensions led to higher tariffs, with performance also likely to be hit by knock-on effects from the coronavirus outbreak. Prysmian, which manufactures cable for multiple sectors, from energy to transportation, said it expects a continuing slowdown in telecoms business, hit by lower volumes, price pressures and coronavirus developments in China. “The telecoms business is the bad guy of the group,” Chief Executive Valerio Battista told analysts in a post-results call. Prysmian forecast that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) would come in between 0.95 billion euros ($1.1 billion) and 1.02 billion euros this year after a 25% jump to 960 million euros in 2019, mainly driven by ener
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