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
General Electric Co. filed a lawsuit against Siemens Energy AG, accusing the German power distribution company of stealing trade secrets for gas turbines. Siemens Energy allegedly used the information to get at least nine contracts to supply gas turbines to public utilities, and also covered up improper business gains. Following a court ruling, the U.S. Food and Drug Administration postponed the effective date for tobacco manufacturing companies to display new health warnings on cigarette packets and in advertisements, by additional 90 days. The warnings with color images is to promote greater public understanding of the negative health consequences of smoking. JPMorgan Chase & Co (JPM) reported strong results in the fourth quarter of 2020, with net profit up 42% largely driven by credit reserve releases of $2.9 billion. The Group said it ended the year with a CET1 ratio of 13.1% and capital above $200 billion, providing with meaningful capacity to further...
RELATED NEWS
Follow RTT