Enel Raises Guidance After Surge in Profit

   By Mauro Orru 
 

Enel upgraded its guidance for the year after profit more than doubled in the first nine months.

The Rome-based energy company on Tuesday reported a net profit of 4.25 billion euros ($4.56 billion), up from EUR1.76 billion in the first nine months of last year. On an adjusted basis, net profit--or net ordinary income--climbed 65% to EUR5.03 billion.

Earnings before interest, taxes, depreciation and amortization jumped 23.5% to EUR15.22 billion. Adjusted for one-offs, Ebitda--or ordinary Ebitda--grew 29% to EUR16.39 billion.

Revenue slipped to EUR69.53 billion from EUR105.52 billion due to a decrease in the volume of power generated at lower average sale prices.

Capital expenditure fell 5.9% to EUR8.76 billion, while the group's net financial debt came in at EUR63.31 billion compared with EUR60.07 billion at the end of 2022.

The company approved an interim dividend of EUR0.215 a share, up 7.5% compared with the interim dividend distributed in January this year.

For the year, Enel now expects net ordinary income between EUR6.4 billion and EUR6.7 billion, and ordinary Ebitda between EUR21.5 billion and EUR22.5 billion. The group had previously guided for net ordinary income between EUR6.1 billion and EUR6.3 billion, ordinary Ebitda between EUR20.4 billion and EUR21 billion.

Write to Mauro Orru at [e-mail]

(END) Dow Jones Newswires

November 07, 2023 12:38 ET (17:38 GMT)

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