E.ON 9-month Adj. EBIT Up 46%, Backs FY View

German electric utility E.ON AG (EONGY.PK) on Wednesday said its adjusted EBIT for the nine months grew 46 percent to about 3.9 billion euros, while its adjusted net income doubled to about 2.2 billion euros in the same period.

While adjusted EBIT at E.ON's core business rose by about 700 million euros to 3.1 billion euros, adjusted EBIT at its non-Core business rose by 562 million euros to 860 million euros.

Segment wise, Energy Networks' adjusted EBIT was up by 85 million euros to 2.4 billion euros, and Customer Solutions' adjusted EBIT increased by 515 million euros to 901 million euros.

The Group attributed the growth in Energy to positive margin effects at the network business in Germany, the nonrecurrence of Covid-19 effects and the inclusion of Slovakia-based VSEH.

For the nine-month period, the Group's sales rose by 4.8 billion euros to 48.1 billion euros, resulting in part from cooler weather in 2021 relative to 2020 and the inclusion of Slovakia-based VSEH.

Looking ahead to the full year 2021, the Essen-based group continues to expect adjusted EBIT of 4.4 billion - 4.6 billion euros, and adjusted net income of 2.2 billion - 2.4 billion euros.

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