July 29, 2020 / 1:29 PM / 6 days ago

Italy’s Terna sticks to guidance after first half beat

FILE PHOTO: Terna high voltage pylons are seen in Montalto di Castro, central Italy, April 27, 2016. REUTERS/Max Rossi

MILAN (Reuters) - Italian power grid company Terna (TRN.MI) confirmed its guidance for the year on Wednesday after reporting a 3.5% rise in core earnings in the first six months to beat forecasts.

The company said earnings before interest, tax, depreciation and amortisation (EBITDA) were 876 million euros (793.4 million pounds), above a consensus of 863 million euros.

Terna, one of Europe’s biggest power grid operators, said it had bumped up investments in the period by 8% to 428 million euros as it moves to upgrade and grow the high-voltage grid.

Reporting by Stephen Jewkes, editing by Maria Pia Quaglia

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