November 12, 2019 / 4:14 PM / a month ago

Italy's Prysmian 9M core profit up 19% on strong North America, Telecom business

MILAN, Nov 14 (Reuters) - Growth in North America and in telecom and energy & infrastructure businesses helped Italy’s Prysmian to drive core profit 19% higher in the first nine months of the year, the world’s largest cable maker said on Tuesday.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 773 million euros ($852 million), broadly matching a company-provided market consensus of 780 million euros.

They included a positive impact of 30 million euros from the application of the new IFRS 16 accounting standard.

The company confirmed its full-year 2019 EBITDA target, excluding effects of IFRS 16 accounting standards, of between 0.95 to 1.02 billion euros.

Shares in the Italian cable maker were broadly flat after the earnings’ release.

$1 = 0.9074 euros Reporting by Giulio Piovaccari

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