PRYSMIAN - 4Q17 - Good results as expected; €500m capital increase confirmed for GC acquisition
Prysmian, the world largest cable manufacturer, reported good 4Q17 results in line with expectations.FY17 reported EBITDA came in at a €733m (vs. €736m for Bloomberg consensus), meeting the mid-point of management’s guidance (€710m-€750m). Q4 organic sales were up 2.9% yoy to €2.04bnd, riven by improving market conditions for building power cables and continued dynamism in both the telecom (16% of group sales) and industrial cables (19% of group sales) businesses.
Prysmian and its subsidiaries produce, distribute and sell cables and systems and related accessories for the energy and telecommunications industries. Co. operates in two segments. The energy segment includes utilities, which organized in four lines of business, comprising high voltage, power distribution, accessories and submarine; trade and installers; industrial; and other, such as sales of residual products. The telecom segment produces cable systems and connectivity products used in telecommunication networks. This segment is organized in the following lines of business: optical fibre, optical cables, connectivity components and accessories, Optical Ground Wire and copper cables.
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