Refile: Italy's Prysmian raises FY forecasts on growth, Atkore deal
REFILE-Italy's Prysmian raises FY forecasts on growth, Atkore deal Corrects dateline
MILAN, Oct 29 (Reuters) - Prysmian PRY.MI, the world's largest cable maker, on Thursday raised forecasts for its full-year results, citing strong performance and contribution from an acquisition, after posting a core profit of €851 million ($949.89 million) in the third quarter.
Here are some details:
The Italian company now expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of €3.08-3.13 billion the full year ending December 31, up from €2.8-2.9 billion in July
Free cash flow is now forecast at €1.75-1.85 billion, compared to €1.65-1.75 billion earlier
In August, Prysmian announced a $3.8 billion acquisition of US electrical products maker Atkore, seeking to capitalise on rising demand linked to electrification and AI-driven infrastructure
The acquisition, for which Prysmian launched a €850 million capital increase, was finalised earlier this month
In the third quarter, Prysmian's adjusted EBITDA rose 32.1% to €851 million, topping a €793 million company-provided analyst consensus
In the July-September period, the group's revenue rose to €6.42 billion, compared with a €5.926 billion analyst consensus
($1 = 0.8959 euros)
(Reporting by Giulio Piovaccari and Harishankar Manoj; Editing by Sonia Cheema)
((giulio.piovaccari@thomsonreuters.com))
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Refile: Italy's Prysmian raises FY forecasts on growth, Atkore deal