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