Italy's ERG cuts full-year core profit guidance due to low wind levels
Adds CEO quote, background in paragraphs 4-6
Nov 14 (Reuters) - Italianenergy 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 of between520 million and 560 million euros ($547 million and$589 million), down from 520 million to580 million euros in its previous guidance.
U.S.President-elect Donald Trump's position on renewable energy is not reason to worry,ERG CEO Paolo Merli said.
"We are not worried about what we already have in our portfolio. We are still confident the U.S. is quite an interesting market," Merli said in a conference call following the release of the company's third-quarter results.
ERG signed a partnership last December with U.S. renewables company Apex Clean Energy to buy a 75% stake in the new company for $270 million and purchase a portfolio of wind and solar plants with installed capacity of 317 megawatts.
The group confirmed a forecast of capital expenditure between 550 million and600 million euros and net financial debt of 1.75 billion to 1.85 billion euros for 2024.
ERG'squarterly 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, Michela Stasio Editing by Mark Potter and Paul Simao
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