E.ON Backs Guidance After Swinging to Loss in 2Q
07 Agosto 2019 - 8:19AM
Dow Jones News
By Nathan Allen
E.ON SE (EOAN.XE) backed its 2019 financial targets Wednesday
and said that it swung to a loss in the second quarter.
The German utility reported a net loss of 6 million euros ($6.7
million) for the quarter compared with a profit of EUR1.82 billion
a year earlier. Adjusted net income, which strips out one-off
effects, fell to EUR235 million from EUR325 million, the company
said.
E.ON attributed the weaker results in part to the introduction
of a price cap in the U.K. E.ON's tax rate in the first half rose
to 42% from 7% a year earlier, and the company had to write down
the value of derivatives by EUR336 million.
Sales ticked up to EUR6.76 billion from EUR6.46 billion, the
company said.
The company confirmed its guidance for the year despite the
lower earnings and said it expects its planned takeover of Innogy
SE (IGY.XE) to close in September.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 07, 2019 02:04 ET (06:04 GMT)
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