(Reuters) – Industrial cables specialist Nexans raised its full-year outlook on Wednesday, citing a strong first-half performance and the impact of the integration of Italian group La Triveneta Cavi.
On the Paris Stock Exchange, the share price rose 7.7% at 08:40 GMT to 115.50 euros after having gained up to more than 10% and recorded the biggest increase in the SBF 120 index.
The French group now says it expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between 750 million and 800 million euros in 2024, compared to a range of 670 million to 730 million euros previously.
Nexans also reported adjusted EBITDA of 412 million euros for the period from January to June, supported in particular by growth in all Electrification segments, against a consensus provided by the group which was counting on 361 million euros.
JPMorgan reported that the group’s key indicators in the first half – revenue, adjusted EBITDA and net income – were above consensus.
“What surprised us was the magnitude of the upward revision of forecasts,” said analysts at the American bank.
Jefferies’ analysts also point out that Nexans’ results are “solid” across all segments.
(Written by Diana Mandiá, with Federica Mileo, edited by Blandine Hénault)
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