Prysmian: stock hit after 2019 results

(CercleFinance.com) - The Prysmian share is in a spin on Friday, down 9% in Milan at midday on Friday, despite the cable supplier publishing net profit of 296 million euros for 2019, up fivefold from 2918, with adjusted EBITDA that is up 31.
4% at just over one billion euros.

Revenues fell slightly (-0.9% in organic terms) to just over 11.5 billion euros, with the Italian group specifying that its project sales were again hit by low order taking in 2018.

Prysmian will propose a dividend of 0.50 euro per share for 2019, up 16%, and this year expects adjusted EBITDA of between 950 million euros and 1.02 billion euros, boasting and order backlog that again exceeds two billion euros.


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