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Telecom Italia Q3 earnings hit by litigation, settlement charges
November 10, 2017 / 9:07 AM / 8 days ago

Telecom Italia Q3 earnings hit by litigation, settlement charges

MILAN, Nov 10 (Reuters) - Telecom Italia (TIM) on Friday posted third-quarter core earnings slightly below expectations, hit by non-recurring charges related to restructuring, commercial disputes and settlements.

The stock initially fell more than 7 percent, but later recovered and was trading up 1.4 percent by 0904 GMT.

Italy’s biggest phone group, controlled by French media group Vivendi, said earnings before interest, tax, depreciation and amortisation (EBITDA) fell 2.5 percent to 2.1 billion euros ($2.44 billion), below a consensus of analysts’ forecasts provided by the company of 2.2 billion euros.

In the first set of results released under newly appointed Chief Executive Amos Genish, the former telecoms monopoly said sales rose 1 percent to 4.9 billion euros, in line with expectations.

TIM confirmed it expects organic EBITDA to grow at a low single digit rate this year. ($1 = 0.8595 euros) (Reporting by Agnieszka Flak)

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