(Alliance News) - Prysmian Spa reported Thursday that it closed the first quarter with a group net profit of EUR185 million from EUR182 million in the same period a year earlier.

Revenues amounted to EUR3.69 billion from EUR3.99 billion in the first quarter of 2023.

Adjusted Ebitda is EUR412 million from EUR427 as of March 31, 2023, with margins improving to 11.2 percent from 10.7 percent in the first quarter of the previous year.

LTM free cash flow increased to EUR827 million, up 42% from EUR581 million as of March 2023. Net debt fell to EUR1.69 billion from EUR2.07 billion in Q1 2023, thanks to robust cash flow generation.

For fiscal year 2024, Prysmian confirmed the annual guidance announced in February, expecting to position itself at the high end: adjusted Ebitda in the range of EUR1.58 billion and EUR1.68 billion, free cash flow in the range of EUR675-775 million, and Scope 1&2 greenhouse gas emission reductions of 36 percent and Scope 3 of 13 percent vs. 2019.

Massimo Battaini, CEO, commented, "Prysmian had a solid start to 2024. The first quarter results show excellent profitability, driven by the solid performance of the Power Grid and Transmission segments, while the order backlog stood at over EUR18 billion."

"In my first year as CEO of Prysmian," the CEO concluded, "we also announced the acquisition of Encore Wire. This transaction represents a unique opportunity to continue to grow and strengthen our position in North America, improve the diversification of our business, and create value for all stakeholders."

Prysmian's stock closed Wednesday in the fractional red at EUR52.84 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.