August 1, 2019 / 2:29 PM / 4 months ago

Prysmian core profit beats expectations, meets project target early

MILAN (Reuters) - Strong growth in North America and in its telecom business for Italy’s Prysmian (PRY.MI) helped to drive core profit 26% higher in the first half of the year, the world’s largest cable maker said on Thursday.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came at 521 million euros ($576 million), topping a company-provided market consensus of 500 million euros.

Prysmian, which last month won a 700 million euro order to build the bulk of the Viking Link submarine power interconnection between Britain and Denmark, said it was awarded projects worth 1.1 billion euros in the first seven months of 2019, achieving its target for the full year ahead of schedule.

Shares in the Italian cable maker rose as much as 4.45% after the earnings’ release.

Reporting by Giulio Piovaccari; Editing by Keith Weir

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