Saipem confirms 2014 guidance after Q1 beats consensus
MILAN, April 24 (Reuters) - Italian oil services group Saipem confirmed its guidance for the year on Thursday after posting a first-quarter net profit above market consensus.
In a statement Saipem, which is 43 percent owned by oil major Eni, said it expected its net profit for the year to be around 280-380 million euros, despite a one-off 40 million euro charge relating to work in Brazil.
Net profit in the first quarter fell 44.5 percent to 61 million euros ($84 million), Saipem said. An average consensus of five analysts polled by Reuters pegged net profit for the quarter at 51 million euros.
Net orders in the first three months were 3.949 billion euros while orders acquired since the end of March totaled more than 3 billion euros, Saipem said.
Saipem, which issued two profit warnings last year, has said 2014 would be a transitional year.
($1 = 0.7231 Euros) (Reporting by Stephen Jewkes)
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