Indra: first-quarter results in line with expectations.

(CercleFinance.com) - Spanish information technology company Indra reached market expectations, with rises in both its backlog and earnings in the first quarter.


Earnings rose to 21 million euros, against 12 million euros in the first quarter of 2016, on the back of EBITDA that was up 10% year-on-year at 48 million euros.

Revenues rose 2% to 638 million euros as reported, Indra said in a statement, and its backlog was 0.6% higher at 3.38 billion euros.

At the same time, Indra confirmed the previously communicated indications surrounding expected changes of its revenues, margins and free cash flow in 2017.

Most importantly, the Spanish IT group said that it has already started the process of integrating Tecnocom, after its offer obtained an acceptance of 97.2%.

The transaction was closed on 27 April and Indra executed its forced sale for the remaining share of the capital.

Listed in Madrid, Indra shares were down 5.7% at 12 euros after the report.

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