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Investing.com -- Shares of Getlink (PARIS:GET) dropped 2% as the company reported its full-year 2024 earnings, despite EBITDA beating the Visible Alpha consensus.
The Eurotunnel operator recorded an EBITDA of €833 million, above the consensus of €815 million. The decline in operating expenses, particularly due to lower electricity costs, contributed to the Eurotunnel segment’s EBITDA reaching €642 million, surpassing the consensus.
Despite the positive performance in EBITDA, Getlink’s net debt was reported at €3,576 million, which was below the consensus estimate of €3,742 million. The company also announced a dividend for the fiscal year 2024 at 58 cents per share, reflecting a 5.5% increase YoY, and just below the consensus of 59 cents.
Looking ahead, Getlink provided its outlook for 2025, projecting an EBITDA range of €780-830 million, with a mid-point of €805 million. This forecast aligns closely with consensus estimates, which stand at €813-814 million.
However, the company also anticipates higher capital expenditures through 2032, which could extend 4-5 years longer than the market consensus, potentially impacting future profitability.
Bank of America commented on the company’s guidance, noting, "Earnings guidance for 2025 is broadly in line, a moderate positive as the company tends to guide conservatively and there are also tentative signs of a recovery is car shuttle traffic (+5% YoY YTD, despite the lack of leap year). However, this is partly offset by Getlink expecting higher capex through 2032 (potentially 4-5 years longer than consensus)."
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