Engie 1Q Operating Income, Revenues Fell
12 Maggio 2020 - 09:23AM
Dow Jones News
By Giulia Petroni
Engie SA said Tuesday that current operating income and revenues
fell in the first quarter of the year.
The French utility company said current operating income came in
at 1.9 billion euros ($2.06 billion) in the period from EUR2.04
billion in the previous year.
The company reported revenues of EUR16.5 billion compared with
EUR17.1 billion a year earlier. On an organic basis, the fall was
mainly due to temperature effects on supply in France and across
Europe, gas distribution in France and the impact of coronavirus on
client solutions.
Earnings before interest, tax, depreciation and amortization
came in at EUR3.1 billion, down 1.8% on a reported basis.
"We started 1Q on a positive note, despite an unseasonably warm
winter," said Executive Vice President Judith Hartmann, adding that
"the gradual development of the Covid-19 crisis started to affect
our customer solutions activities from March onwards."
Earlier this year, Engie withdrew its guidance for 2020 and
scrapped its 2019 dividend of EUR0.80 a share, citing the
significant impact of coronavirus on customers and operations.
The company said it would update its financial outlook "in due
course," as it is currently not able to quantify the full impact of
Covid-19 on its finances.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 12, 2020 03:08 ET (07:08 GMT)
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