MILAN May 10 Italy's Prysmian, the
world's biggest cable maker, said it expected adjusted core
profit to come in at between 710 million and 750 million euros
($815 million) this year, after reporting a small increase in
its first quarter adjusted result.
The group said on Wednesday adjusted earnings before
interest, tax, depreciation and amortisation (EBITDA) were up
2.5 percent to 154 million euros in the first three months of
So-called organic revenue in the period fell 3.7 percent -
excluding metal prices, currency swings and M&A activity - to
1.85 billion euros as an increase in sales of telecom cables
offset a weak performance of energy projects.
Shares in the group extended losses and were down 3.6
percent after the results with analysts citing a lower than
expected guidance for 2017.
In 2016 adjusted core profits totalled 711 million euros.
($1 = 0.9201 euros)
(Reporting by Francesca Landini and Massimo Gaia)