By Nathan Allen

Shares in Telecom Italia SpA (TIT.MI) trade sharply lower Friday morning after the Italian telecom group published weaker-than-expected preliminary results for 2018.

Telecom Italia said organic earnings before interest, taxes, depreciation and amortization for 2018 are likely to be 8.1 billion euros ($9.23 billion), around 2.2% below consensus according to Bryan Garnier.

The preliminary result implies fourth-quarter Ebitda missed consensus by 6%, Bryan Garnier said, adding that the release looked like a "profit warning."

At 0827 GMT Telecom Italia was trading 8% lower at 48 European cents ($0.55) a share.

Jefferies analyst Jerry Dellis said the publication of preliminary results suggests new Chief Executive Luigi Gubitosi wants to set more credible guidance than his predecessor Amos Genish.

"With consensus forecasts already coming down, we believe that an injection of realism is very welcome," Mr. Dellis said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

January 18, 2019 03:59 ET (08:59 GMT)

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