(Adds details on results, outlook, dollar trend impact)
MILAN (Thomson Financial) - Italian oil services company Saipem SpA said
first quarter adjusted net profit rose 44.1 percent to 147 million euros
compared to 102 million restated a year earlier, topping analysts expectations.
However, revenues rose 7.2 percent to 2.236 billion euros from 2.085 billion
restate, missing expectations, while EBIT rose 33.7 percent to 230 million euros
from 172 million restated, matching expectations, it said.
Saipem also reaffirmed forecasts on full-year profits, but slightly reduced
its guidance for revenues citing the further devaluation of the dollar.
Restated figures take into account the disposal of a series of assets,
including of the stake in gas transport firm Gaztransport and& Technigas SA.
(GTT), which was completed during the first quarter.
Analysts polled by Thomson Financial News had expected an adjusted net of
between 134 million and 145 million euros, EBIT of between 222 million and 230
million from 179 million, and sales of between 2.253 billion and 2.402 billion.
Including the capital gain stemming from the sale of GTT, net profit was 327
million euros.
Saipem said it is still in talks to sell its 20 percent stake in Fertinitro.
The order backlog rose to a record level of 15.409 billion euros as new
contracts won in the quarter totaled 2.255 billion euros, it said.
Looking ahead, Saipem repeated it sees adjusted net profit and EBIT rising
by at least 20 pct this year compared to restated figures, but reduced its
forecast on revenues to "in the region" of 10 billion euros.
Previously Saipem had forecast revenues rising to above 10 billion in 2008.
The company said the weakness of the dollar, in which 70 percent of its
contracts are denominated, will have a negative impact of 550 million euros on
revenues in 2008, against the 400 million estimated at the start of the year.
The negative impact of the weak dollar on this year's EBIT is now seen at 55
million euros, against 40 million previously expected, it said.
Saipem is 43 percent-controlled by Eni SpA, whose results are due on
Thursday.
danilo.masoni@thomsonreuters.com
dm/ajb/dm/rw
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