Saipem: 'overall good results' fail to lift shares
(CercleFinance.com) - Italian oil service group Saipem on Thursday confirmed its guidance for 2019 after "strong results" from its offshore engineering and construction division in the first quarter.
In a statement this morning, the company posted Q1 net profit of 21 million euros, against a loss of 2 million euros in the first quarter of 2018.
Adjusted EBITDA came in at 274 million euros, from 214 million euros in the first quarter of 2018, largely ahead of the consensus.
Saipem said its backlog totalled nearly 13 billion euros at the end of March, up from the 12.6 billion euros at the end of 2018.
"Overall, we view the results positively, with solid earnings delivery, growing backlog and guidance confirmed," analysts at Berenberg said.
However, the market did not seem to fully agree, with the shares down 1.5% on the Milan Stock Exchange this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a statement this morning, the company posted Q1 net profit of 21 million euros, against a loss of 2 million euros in the first quarter of 2018.
Adjusted EBITDA came in at 274 million euros, from 214 million euros in the first quarter of 2018, largely ahead of the consensus.
Saipem said its backlog totalled nearly 13 billion euros at the end of March, up from the 12.6 billion euros at the end of 2018.
"Overall, we view the results positively, with solid earnings delivery, growing backlog and guidance confirmed," analysts at Berenberg said.
However, the market did not seem to fully agree, with the shares down 1.5% on the Milan Stock Exchange this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.