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Saipem confirms guidance after swinging to Q3 profit
October 24, 2017 / 5:38 AM / 2 months ago

Saipem confirms guidance after swinging to Q3 profit

MILAN, Oct 24 (Reuters) - Italian oil services group Saipem confirmed its profit guidance for the year on Tuesday thanks to a good order intake in the third quarter and strong offshore business.

The company said it posted a net profit of 53 million euros ($62 million) in the third quarter, following a loss of 157 million euros in the second quarter.

Operating profits in July-September were 133 million euros compared to a Thomson Reuters consensus of 141 million euros.

The company said it was reducing its debt forecast for the year to 1.3 billion euros from a previous 1.4 billion euros. ($1 = 0.8504 euros) (Reporting by Stephen Jewkes, editing by Valentina Za)

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