Erg cuts full-year core profit guidance after low wind levels in Q3

Erg SA

14/11/2024 12:15

Nov 14 (Reuters) - Italian energy company Erg  ERG.MI 
on Thursday lowered its full-year core profit guidance, citing
the impact of exceptionally low wind levels in the third
quarter.
    It now expects full-year earnings before interest, tax,
depreciation and amortisation (EBITDA) between 520 and 560
million euros ($547-589 million), down from 520-580 million
euros in its previous guidance.
    The group confirmed a forecast of capital expenditure
between 550-600 million euros and net financial debt of
1.75-1.85 billion euros for 2024.
    Erg's quarterly adjusted EBITDA rose 4% to 109 million
euros, it said in a statement.
    The Italian group said it would launch a share buyback
programme for up to 23 million euros.
    ($1 = 0.9498 euros)

 (Reporting by Alessandro Parodi  Editing by Mark Potter)
 ((Alessandro.Parodi@thomsonreuters.com;))