Saipem core earnings rise 65% in Q1 to beat expectations

  • 📰 Reuters
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Italy's Saipem said on Thursday its adjusted core earnings rose 65% in the first quarter to beat expectations driven by its offshore engineering and construction (E&C) business and drilling.

A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa's harbour, Italy, November 19, 2015. REUTERS/Alessandro Garofalosaid on Thursday its adjusted core earnings rose 65% in the first quarter to beat expectations driven by its offshore engineering and construction business and drilling.

Adjusted core earnings in the period were 145 million euros , above a Refinitiv consensus of 103 million euros. New orders rose to 2.36 billion euros from 1.59 billion euros. The results come a month after the contractor announced a 2 billion euro capital increase as part of a rescue plan scaling back green ambitions to focus more on its core oil and gas business.and Italian state lender CDP paid in 646 million euros of the future capital increase last month, Saipem said in a statement.

The contractor confirmed guidance provided on March 25 that sees adjusted core earnings of more than 500 million euros this year.Register now for FREE unlimited access to Reuters.com

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ASML Q1 earnings beat forecasts slightly, bookings seen strongASML Holding NV , a key supplier to computer chip makers, reported on Wednesday first-quarter sales of 3.5 billion euros ($3.8 billion) and net income of 695 million euros, slightly ahead of expectations.
Source: Reuters - 🏆 2. / 97 Read more »