Prysmian: shares plunge after full-year results
(CercleFinance.com) - The Prysmian share is down 5% on Wednesday after the energy and telecom cable maker announced full-year earnings that were lower than in 2017.
Costs associated with the acquisition of General Cable pushed down Prysmian's net earnings to 130 million dollars, from 214 million dollars in 2017.
At the operating level, EBITDA fell to 596 million dollars, from 660 million dollars in 2017, due to restructuring costs of 49 million dollars, and 35 million dollars costs related to the integration of General Cable.
The group's full combined FY 2018 sales, including General Cable, amounted to 11.6 billion dollars, with organic growth of 3.3% compared to 2017.
Prysmian said that the integration with General Cable generated synergies that exceeded initial expectations in 2018.
For 2019, the company is aiming at adjusted EBITDA of between 950 million dollars and 1.02 billion dollars, although still expects to pay about 90 million dollars in restructuring costs.
The share is currently down 5.6% at 39 euros in Milan.
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