German utility RWE AG (RWEOY) Wednesday reported higher profit for the first quarter, amid a marginal rise in revenues. The firm backed its full year view.
Net income for the quarter improved to 1.416 billion euros from 1.311 billion euros in the prior year. Earnings per share rose to 2.30 euros from 2.13 euros.
Recurring net income was 1.297 billion euros, up from last year's 1.288 billion euros. Recurrent net income per share was 2.11 euros compared to 2.10 euros last year.
Earnings Before Interest, Tax, Depreciation and Amortization, or EBITDA, fell to 3.042 billion euros from 3.125 billion euros.
External revenue advanced to 16.050 billion euros from 15.593 billion euros.
RWE noted that positive effects from the efficiency program and improvements in gas procurement conditions were contrasted by substantial earnings shortfalls in the conventional power generation business.
RWE confirmed the 2013 full year earnings forecast that it published in March.
The group expects an operating result in the order of 5.9 billion euros and recurrent net income of around 2.4 billion euros.
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