Prysmian stock rises after guidance upgrade and sales beating forecast
Italian cable manufacturer Prysmian closed the second quarter with sales exceeding market expectations, also booking a guidance upgrade for operating earnings.
The group's stock is up 5.1% in Milan trading.
Q2 revenue totals EUR 4.27bn, beating the analyst consensus of EUR 3.76bn compiled by Bloomberg News.
Net earning skyrocketed by 55% to EUR 133m relative to the analyst forecast of EUR 144.4m.
Prysmian upgrades its guidance for adjusted earnings before interest, taxes, depreciations and amortizations to EUR 1.3–1.4bn against the prior spread of EUR 1.01–1.08bn.
The cable maker expects its free cash flow before acquisitions and divestments to hit EUR 400–460m against the previous outlook to EUR 385–415m.
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