By Bloomberg
Nexans SA (NEX), the world’s second- biggest cable maker, fell the most in more than three years after predicting a drop in first-half earnings because of production delays at its submarine-cable plant in Norway.
Nexans fell as much as 15 percent to 37.24 euros, the steepest intraday decline since February 2009, and was trading down 13 percent at 11:40 a.m. in Paris.
“We’ve lost about 50 million euros ($66 million) in sales, which have been pushed back for two to three months” because of the late production in Norway, Chief Executive Officer Frederic Vincent said in a telephone interview today. “For the full year, we’re not providing guidance because we’re facing quite a volatile situation,” and the company is being “particularly vigilant” about the European economy.
