By Giulia Petroni

Shares in Uniper rose on Wednesday after the bailed-out utility said hedging transactions boosted performance in the first nine months of the year and refined its outlook.

At 0734 GMT, the stock traded 6.2% higher at EUR4.33 after soaring 11% at opening.

Based on preliminary results, the energy company expects to post an adjusted net income of 3.74 billion euros ($3.96 billion) for the period ended Sept. 30, while adjusted earnings before interest and taxes are seen at EUR5.48 billion.

For the full year, Uniper now sees adjusted net income between EUR4 billion and EUR5 billion, and adjusted EBIT in a range of EUR6 billion to EUR7 billion.

The utility said performance is benefiting from hedging transactions tied to coal and gas power generation and its gas midstream businesses.

Uniper was bailed out by the German government last year after booking record losses due to Russian gas curtailments and sky-rocketing prices on the spot market. It has since then taken steps that pave the way to exit government ownership, including a capital reduction to eliminate accumulated loss from 2022.

The state currently owns a 99.12% stake in the company.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 25, 2023 04:11 ET (08:11 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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