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wire I USA - Jun 2013 28 EUROPE NEWS
Italian cable maker Prysmian expects core
earnings to reach $687 million this year,
after posting a 53 percent rise in the first
quarter. The company, which became
world’s biggest cable maker when it
acquired Draka in 2011, is benefitting
from the economic recovery underway
in Europe, said its CEO, Valerio Battista.
He told analysts during a conference call
that Prysmian is presently looking at several
merger and acquisition options.
The group’s adjusted earnings before
interest, tax, depreciation and amortisation
(EBITDA) beat market expectations with a
rise in the first quarter to $135 million.
“This positive result reflects the group's
positioning in the high-tech businesses of
submarine and optical cables,” Battista
said. “These businesses, which have shown
resilience even in the face of economic
downturn, are now benefiting from the
progressive signs of recovery.”
Organicgrowth of between threeand four
percent for 2015 revenues is achievable,
he said.
Revenues were up nearly six percent in
the first three months of 2015, while the
first quarter of 2014 was hit by execution
problems at one of the company's high
voltage cable projects. The company said
a plan to make its European organization
more efficient is expected to generate
additional cost cuts.
wiredInUSA - ug st 2014 6
EUROPE
NEWS
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First quarter
results