Italy’s Saipem Ups 2022 Guidance after Beating Expectations in Q3

Italy’s Saipem improved its guidance for the full year after third-quarter adjusted core earnings and revenue beat analysts’ expectations. 

The energy contractor reported on Thursday an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of 215 million euros ($216.74 million) compared with an analysts’ consensus of 136 million euros. 

EBITDA was negative for 25 million euros in the same period of last year, when unexpected costs on offshore wind projects hit the group’s performance.

Revenue came in at 3 billion euros between July and September, above a 2.3 billion euro analysts’ consensus. 

The group, which counts energy group and Italian state lender CDP among its key shareholders, now expects its 2022 adjusted EBITDA to be over 550 million euros compared with a previous guidance of core earnings of over 500 million euros. 

The sale of its onshore drilling division is expected to be completed by end-October, with proceeds of 0.5 billion euros. 

Earlier this year, Saipem completed a life-saving 2 billion euro capital increase after issuing a profit warning in January.

($1 = 0.9920 euros)

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