Italy's Prysmian posts 52% profit jump helped by energy transition

MILAN (Reuters) -Italy's Prysmian said on Thursday its core earnings jumped over 52% last year, with a sharp margin improvement, as the world's largest cablemaker benefited from the energy transition and digitalisation.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 1.488 billion euros ($1.57 billion), topping its own forecast of 1.425-1.475 billion.

Its full-year margin on adjusted EBITDA increased to 9.3% from 7.7%.

Milan-listed shares in Prysmian extended their gains after the results were published, rising as much as 3.9%.

As of 1315 GMT they were up 3.3%.

Chief Executive Valerio Battista said in a statement the group was able to "fully seize" the opportunities offered by the energy transition, electrification and digitalisation.

"The positive start to 2023 confirms the competitive positioning achieved and enables us to set the goal for 2023 of consolidating our 2022 record performance," he said.

The company said it expects an adjusted EBITDA of 1.375-1.525 billion euros, broadly in line with its 2022 result.

($1 = 0.9474 euros)

(Reporting by Giulio Piovaccari; editing by Federico Maccioni and Jason Neely)