Revenues drop for cable specialist
Cabling manufacturer Nexans generated third-quarter 2020 revenues of €1.4 billion, down 9.8% compared with the same period in 2019. In the first nine months of 2020, the company's sales were €4.3 billion, also down 9.8% year-on-year. However, revenues were up almost 6% quarter-on-quarter.
Subsea high voltage activity remained steady during the quarter, with a €1.5 billion adjusted backlog. In line with the backlog phasing, and with a higher portion of cable manufacturing in the third quarter versus previous periods, sales were down 28.4% year-on-year and 21% sequentially.
Both comparable periods benefited from high cable-laying activity, with the final installation phases of both the NordLink and the East Anglia offshore wind farm projects in the third quarter of 2019 and two inspection, maintenance and repair projects in the Mediterranean Sea region in the second quarter of 2020.
The third quarter of 2020 was focused on cable manufacturing, in view of substantial installation phasing in 2021.
Compared to third quarter 2019, total sales in third quarter 2020 were down by 19.5% at €158 million.
Nexans' reported liquidity position was in excess of €1.6 billion, as at 30th September 2020, including a €600 million undrawn revolving credit facility.