RWE Posts Lower Adj. Results In Q1, Backs FY View

German utility RWE AG (RWEOY.PK) Wednesday reported that its first-quarter adjusted net income was 340 million euros, compared to 614 million euros last year. RWE said adjusted EBIT reached 548 million euros, lower than last year's 967 million euros.

Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, was 883 million euros, compared to 1.324 billion euros last year. The group attributed the decline in earnings to the extraordinary burdens incurred due to the worst cold snap in a century in Texas as well as to wind volumes in Northern and Central Europe that were well below the above-average high levels experienced in the previous year.

Further, the company said its Executive Board is aiming to increase the dividend to 0.90 euro per share for the current financial year.

Looking ahead for fiscal 2021, RWE continues to expect adjusted net income between 0.75 billion and 1.1 billion euros, and adjusted EBIT between 1.15 billion and 1.55 billion euros. The company continues to project adjusted EBITDA between 2.65 billion and 3.05 billion euros at Group level.

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