Saipem issues profit warning as costs and pandemic hit margins

Drilling vessel Scarabeo 9, owned by Italian oil service group Saipem, sails in the Bosphorus in Istanbul, Turkey May 21, 2018. REUTERS/Yoruk Isik/File PhotoMILAN, Jan 31 - Italian energy services group Saipem issued a profit warning on Monday and withdrew an outlook given in October, citing a "significant deterioration" in margins due to the pandemic and higher raw material costs.

Preliminary estimates showed that consolidated adjusted core earnings for the second half of 2021 were down by around 1 billion euros compared with the guidance for a positive adjusted EBITDA given in October, Saipem said.Group revenues for that same period contracted to 3.5 billion euros from a previous estimate of around 4.5 billion euros, the company said ahead of the scheduled earnings release on Feb.

In a statement Saipem said it had opened talks with main shareholders Eni and state lender CDP to test their support for "an appropriate financing package."

Source: Energy Industry News (energyindustrynews.net)

United States Latest News, United States Headlines

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

China home builders, suppliers issue spate of profit warnings as Evergrande woes biteA growing number of Chinese construction and decoration companies are writing off assets or issuing profit warnings as debt woes at China Evergrande Group and other property developers debilitate their suppliers.
Source: Reuters - 🏆 2. / 97 Read more »

What to expect from more grocery store price hikesPrices have continued to climb from the grocery store to the gas station amid the pandemic. According to a new report, the prices of some foods and household staples are heading higher. That's why I bought all that toilet paper 2 years ago!!! I KNEW this was gonna happen!!! Roflmao AWWW The BBB plan. Thanks Joe your plan is for the rich who can afford your BBB. Could anyone not have expected much higher prices considering supply chain disruptions, workers not working, and of course, corporate greed, around the world?
Source: ABC - 🏆 471. / 51 Read more »

Police Alert Businesses Of Recent Burglaries In The LoopPolice issued an alert Sunday warning businesses of recent burglaries in the Loop.
Source: cbschicago - 🏆 546. / 51 Read more »

Working Mom Captures A Whole Lot Of Covid Realness In One PictureLisolette Driscoll's pic sums up the pandemic experience pretty perfectly.
Source: ScaryMommy - 🏆 116. / 63 Read more »