1 Min Read
MILAN, May 10 (Reuters) - Italy's Prysmian, the world's biggest cable maker, said it expected adjusted core profit to come in at between 710 million and 750 million euros ($815 million) this year, after reporting a small increase in its first quarter adjusted result.
The group said on Wednesday adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 2.5 percent to 154 million euros in the first three months of the year.
So-called organic revenue in the period fell 3.7 percent - excluding metal prices, currency swings and M&A activity - to 1.85 billion euros as an increase in sales of telecom cables offset a weak performance of energy projects.
Shares in the group extended losses and were down 3.6 percent after the results with analysts citing a lower than expected guidance for 2017.
In 2016 adjusted core profits totalled 711 million euros.
$1 = 0.9201 euros Reporting by Francesca Landini and Massimo Gaia