E.ON Raises Investment Target But Expects Price Reductions to Hit Earnings
08 Novembre 2023 - 8:07AM
Dow Jones News
By Giulia Petroni
E.ON raised its investment target for the full year but said it
expects fourth-quarter earnings to suffer the impact of price
reductions for electricity and gas customers.
The German energy company said Wednesday that it plans to invest
a total of 6.1 billion euros ($6.53 billion) from previously EUR5.8
billion. From 2023 to 2027, investments in energy networks and
customer solutions are expected to amount to EUR33 billion.
It said it has implemented price reductions for millions of
electricity and gas customers in recent months, and that it expects
the pass-through of lower wholesale prices to have a significant
negative impact on earnings in its customer solutions business.
The company backed its earnings guidance for the year, saying
that it continues to reflect a potential deterioration in the
energy market environment due to increased volatility as a result
of supply and demand uncertainties as well as geopolitical
tensions.
In the third quarter, E.ON posted a net profit of EUR81 million,
significantly down from EUR1.56 billion in the year earlier. On an
adjusted basis, net profit came in at EUR634 million.
Adjusted earnings before interest, taxes, depreciation and
amortization increased to EUR2.12 billion from EUR2.05 billion,
while adjusted EBIT came in at EUR1.38 billion, 2% higher on
year.
Sales were EUR16.88 billion, down from EUR28.75 billion.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 08, 2023 01:52 ET (06:52 GMT)
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