logo
Plus   Neg
Share
Email

E.ON 9-month Profit Down; Lifts FY19 Earnings View On Innogy Acquisition

German electric utility E.ON AG (EONGY.PK) reported Friday that its nine-month net income attributable to shareholders declined 28 percent to 2.11 billion euros from 2.92 billion euros last year. Earnings per share were 0.96 euro, down 29 percent from 1.35 euros a year ago.

Adjusted net income was 1.18 billion euros, compared to 1.21 billion euros last year. Adjusted net income per share were 0.54 euro, compared to prior year's 0.56 euro.

Adjusted EBIT dropped 6 percent to 2.21 billion euros from 2.35 billion euros a year earlier. The company noted that third-quarter earnings were roughly 20 percent above the prior-year figure.

Adjusted EBITDA for the nine months increased 2 percent to 3.74 billion euros from 3.68 billion euros a year ago.

Sales for the period grew 9 percent to 23.58 billion euros from 21.65 billion euros last year.

Looking ahead, the company said it adjusted fiscal 2019 earnings forecast due to the completion of the innogy acquisition.

The company now expects adjusted net income to be between 1.45 billion euros and 1.65 billion euros and adjusted EBIT to be between 3.1 billion euros and 3.3 billion billion euros.

The company previously expected adjusted net income between 1.4 billion euros and 1.6 billion euros and adjusted EBIT between 2.9 billion euros and 3.1 billion billion euros.

Further, the company reaffirmed its dividend proposal of 0.46 euro per share. The company said the decline in earnings resulting from the disposal of substantially all of renewables business will be more than offset by the new innogy segment's earnings.

The company said its innogy integration is right on schedule, and reaffirmed synergies of 600 million euros to 800 million euros from 2022 forward.

The combined U.K. business would deliver significantly positive earnings starting in 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
New York Attorney General Letitia James has fled a lawsuit against Vyera Pharmaceuticals and two of its former CEOs, including imprisoned 'Pharma Bro' Martin Shkreli, for illegally monopolizing a life-saving drug Daraprim. The lawsuit seeks a lifetime ban on Shkreli and his business partner Kevin Mulleady working in the pharmaceutical industry. Graco Inc. (GGG) shares were climbing more than 7 percent in morning trade. Monday after market close, the company had reported a surge in the fourth-quarter earnings to $84.8 million from $73.7 million in the prior year. Earnings per share surpassed analysts' estimates. Sales were up 1 percent to $412.3... Strategy of getting multiple indication approvals for the same drug seems to be paying off for AstraZeneca PLC (AZN), in terms of higher likelihood of approval and improved sales. Besides, the company is realizing value from non-core, mature brands to invest in new drugs, which also seems to be working in its favor.
Follow RTT
>