November 8, 2017 / 6:44 AM / 15 days ago

Springer confirms guidance after digital drives solid Q3

FRANKFURT, Nov 8 (Reuters) - Germany’s Axel Springer , publisher of the best-selling tabloid Bild, confirmed its guidance for the full year after reporting a 7 percent increase in third quarter core profits that was in line with expectations.

The gain was driven by Springer’s digital outlets, which account for more than three quarters of its profits and which it is separating from its traditional print titles in a strategic reshuffle.

Group revenues were 860 million euros ($996 million), up 7.3 percent from a year earlier and above average expectations of 843 million euros in a Reuters poll of analysts.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 156 million euros. Analysts had on average forecast 155 million euros.

Springer reiterated its full-year guidance for core earnings and adjusted earnings per share to show high single-digit growth. ($1 = 0.8632 euros) (Reporting by Douglas Busvine; Editing by Maria Sheahan)

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