UPDATE 1-Italy's Prysmian posts higher Q1 margin, sees FY results at upper end of forecasts [Yahoo! Finance]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
NASDAQ:AMEX Investor Relations:
prysmiangroup.com/en/investors
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Source: Yahoo! Finance
its forecasts, after posting a falling but above-expectations result in the first quarter thanks to its power grid and transmission businesses. The world's largest cable maker said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to 412 million euros ($443 million) in the January-March period, topping a 388 million euro analyst consensus forecast provided by the company. The result was lower than the 427 million euros of the first quarter of 2023 due to declining performance at its industrial and construction and digital solutions segments, which were weighed by North American market performance. The group's margin on adjusted EBITDA, however, improved to 11.2% from 10.7% a year earlier, Prysmian said. "The first quarter results highlight outstanding profitability, driven by the strong performance of the power grid and transmission segments," CEO Massimo Battaini said in a statement, adding the Prysmian's order backlog stood at over 1
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