February 27, 2018 / 4:26 PM / 9 months ago

Italy's Prysmian posts 3 pct rise in 2017 core earnings

MILAN, Feb 27 (Reuters) - Italian cable maker Prysmian reported a 3.1 percent rise in 2017 core earnings on Tuesday, broadly meeting its target for a year which ended with a deal to buy U.S. rival General Cable.

Gains in energy projects and the telecoms sector helped the world’s largest cable maker bank adjusted earnings before interest, tax depreciation and amortisation (EBITDA) of 733 million euros last year.

It had targeted adjusted EBITDA of 710-750 million euros, but Chief Executive Valerio Battista warned in November that reaching the middle of that range would be difficult.

A consensus of 17 analyst estimates, provided by the company, pointed to adjusted EBITDA of 737 million euros. (Reporting by Isla Binnie, editing by Giulia Segreti)

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