Italian cable maker Prysmian lifts profit outlook after Q2 beat (updated)
UPDATE 1-Italian cable maker Prysmian lifts profit outlook after Q2 beat Adds CEO quotes in paragraphs 3, adj. Ebitda in para 4, 2028 acquisition targets in para 5, background on US in para 6, new CFO in para 8
July 30 (Reuters) - Italian cable maker Prysmian PRY.MI raised its full-year profit forecast on Thursday, citing surging demand from data centre operators, after its second-quarter adjusted core profit beat market expectations.
The company, which last week unveiled a landmark supply agreement with U.S.-based Molex, expects full-year adjusted earnings before interest, taxes, depreciation and amortisation in a range of €2.8 billion to €2.9 billion ($3.2 billion to $3.3 billion), up from its previous forecast of €2.63 billion to €2.78 billion.
"Thanks to our strong strategic and operational position, we are well placed to achieve our 2028 targets ahead of schedule," CEO Massimo Battaini said in a statement.
The Milan-based company has been among the beneficiaries of a favourable supply-demand balance in North America, which accounts for around 40% of its revenue.
The world's largest cable maker posted a 20.7% jump in its second-quarter adjusted EBITDA to €730 million, ahead of a company-provided consensus of €721 million.
Prysmian has earmarked around €2.6 billion through 2028 for acquisitions and enhanced shareholder returns.
Battaini said the company would hold a capital markets day in the first half of 2027.
In a separate statement on Thursday, Prysmian appointed Iveco's Anna Tanganelli as CFO from November 1, succeeding long-serving finance chief Pier Francesco Facchini, who will leave at the end of 2026 to pursue other opportunities.
($1 = 0.8733 euros)
(Reporting by Romolo Tosiani in Gdansk and Sumedha Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Matt Scuffham)