Italy's Prysmian raises FY forecasts on growth, Atkore deal
ATKR•Prysmian raised its full-year adjusted EBITDA forecast to €3.08-3.13 billion and free cash flow forecast to €1.75-1.85 billion. Third-quarter adjusted EBITDA rose 32.1% to €851 million, above analyst consensus, while revenue reached €6.42 billion.
1. Higher full-year forecasts
Prysmian raised its forecast for adjusted EBITDA for the year ending December 31 to €3.08-3.13 billion, from €2.8-2.9 billion in July. It also raised its free cash flow forecast to €1.75-1.85 billion, from €1.65-1.75 billion.
2. Quarterly results and deal
Third-quarter adjusted EBITDA rose 32.1% to €851 million, above the €793 million analyst consensus. Revenue for July-September was €6.42 billion, compared with a €5.926 billion consensus. Prysmian cited strong performance and the contribution of its acquisition of U.S. electrical products maker Atkore, which it finalized earlier this month after announcing the $3.8 billion deal in August.
