Areva lowers earnings outlook for 2013

Areva (Euronext: CEI) has lowered its 2013 earnings outlook, citing financing delays in renewable energy projects. However, it reiterated its goal for “break-even free operating cash flow before tax” in 2013 and for revenue growth of 3.0 percent to 6.0 percent in its nuclear business next year.

The French power equipment giant told its shareholders it expects to see sales of about $795m from renewables next year, roughly the same as 2012’s figure.

Luc Oursel of Areva
The company had previously foreseen revenues above €$989m.

Areva says the shortfall is “due to the time required to set up financing for certain customer projects, delaying their execution”.

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