Telecom Italia Shares Drop on Poor Preliminary Results
January 18 2019 - 4:14AM
Dow Jones News
By Nathan Allen
Shares in Telecom Italia SpA (TIT.MI) trade sharply lower Friday
morning after the Italian telecom group published
weaker-than-expected preliminary results for 2018.
Telecom Italia said organic earnings before interest, taxes,
depreciation and amortization for 2018 are likely to be 8.1 billion
euros ($9.23 billion), around 2.2% below consensus according to
Bryan Garnier.
The preliminary result implies fourth-quarter Ebitda missed
consensus by 6%, Bryan Garnier said, adding that the release looked
like a "profit warning."
At 0827 GMT Telecom Italia was trading 8% lower at 48 European
cents ($0.55) a share.
Jefferies analyst Jerry Dellis said the publication of
preliminary results suggests new Chief Executive Luigi Gubitosi
wants to set more credible guidance than his predecessor Amos
Genish.
"With consensus forecasts already coming down, we believe that
an injection of realism is very welcome," Mr. Dellis said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
January 18, 2019 03:59 ET (08:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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