Saipem falls to first-half loss but eyes pick-up in sales

Contractor’s results buffeted by Covid-19 and issues at North Sea wind project

Saipem reported on Friday second quarter earnings that missed analysts' forecasts and revenue that topped expectations.

Saipem announced earnings per share of €-0.54 on revenue of €3.20B. Analysts polled by Investing.com anticipated EPS of €-0.1129 on revenue of €1.61B.

Saipem shares are up 27% from the beginning of the year, still down 28.72% from its 52 week high of €2.72 set on February 16. They are outperforming the STOXX 600 which is up 15.72% from the start of the year.

Saipem follows other major Energy sector earnings this month

Saipem's report follows an earnings missed by Saipem Pref on Friday, who reported EPS of €-0.54 on revenue of €3.20B, compared to forecasts EPS of €-0.1129 on revenue of €1.61B.

Eni SpA had beat expectations on Friday with second quarter EPS of €0.25 on revenue of €16.29B, compared to forecast for EPS of €0.1411 on revenue of €13.88B.