UPDATE 1-Prysmian hikes core profit goal by 30% after record H1, shares up [Reuters]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
NASDAQ:AMEX Investor Relations:
prysmiangroup.com/en/investors
Company Research
Source: Reuters
The Milan-based company expects to reach full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of between 1.3-1.4 billion euros ($1.32-1.42 billion). It had previously guided for an adjusted EBITDA near the top of a 1.01-1.08 billion euro range, though CEO Valerio Battista already in May had expressed confidence the company could improve its forecast. “Most of our markets ... are highly exposed the energy transition and electrification (as) long-term growth drivers,” Battista said in a note. Adjusted core profits rose 48.7% to 699 million euros in the first six months, well ahead of a company-provided consensus of 590 million euros, with the expansion of power grids fuelling growth at Prysmian's energy segment. Core profit margins rose to 8.8% in the period from 7.8% a year earlier. By 1155 GMT shares were up 5.9%, extending gains after results and outperforming a 1.2% rise in Milan's blue-chip index . ($1 = 0.9877 euros) (Reporting by Fed
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