Prysmian expects to secure more savings from a 2017 US acquisition to help the world’s largest cable maker offset provisions for its WesternLink cable project in Britain.
March 5, 2019
Prysmian has revised up its total savings expected from buying US firm General Cable to EUR 175 million from EUR 150 million and expect to achieve them by 2021, a year earlier than previously forecast.
The company had cut its target in June for adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) due to additional costs at the WesternLink project.
Prysmian expected its adjusted EBITDA to rise to between EUR 950 million and EUR 1.02 billion this year, after it slightly missed expectations in 2018. Adjusted EBITDA stood at EUR 837 million last year, short of company-provided consensus of EUR 875 million. Figures included U.S. General Cable results for the full-year 2018, though the company was consolidated only in June.
