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RWE Q1 Adj. Earnings Rise; Confirms FY20 View, Dividend - Quick Facts

German utility RWE AG (RWEOY.PK) Thursday said it has recorded a good start to the year with strong growth in first-quarter adjusted EBITDA, adjusted EBIT and adjusted net income.

Adjusted net income totaled 603 million euros. RWE achieved adjusted EBIT of 955 million euros, compared to last year's pro-forma figure of 749 million euros.

Adjusted earnings before interest, taxes, depreciation and amortisation or EBITDA was 1.3 billion euros, up 19 percent from last year's pro-forma EBITDA of 1.1 billion euros.

Further, the company confirmed earnings forecast for 2020.

The company continues to expect adjusted EBITDA between 2.7 billion euros and 3.0 billion euros, with adjusted EBIT totaling between 1.2 billion euros and 1.5 billion euros. The target set for adjusted net income is 850 million euros to 1.15 billion euros.

RWE also maintained its plan to increase the dividend to 0.85 euro per share for the current fiscal year.

The Board will proposed at the virtual Annual General Meeting on June that a dividend of 0.80 euro will be paid for fiscal 2019.

The company also said it is pursuing goal of becoming carbon neutral by 2040.

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