Enel Nine-Month Profit Fell; Backs 2021 Guidance

By Giulia Petroni

Enel SpA said Thursday that profit fell in the first nine months of the year but that its operating performance went back to pre-pandemic levels, and confirmed its 2021 guidance.

The Rome-based energy company reported net profit of 2.51 billion euros ($2.91 billion) for the nine-month period, down from EUR2.92 billion for the same period a year earlier. On an adjusted basis, net profit--or net ordinary income--came in at EUR3.29 billion, down from EUR3.59 billion.

Earnings before interest, taxes, depreciation and amortization fell to EUR11.28 billion, down 11.2% on year. Adjusted for one-offs including acquisitions or disposals, Ebitda--or ordinary Ebitda--came in at EUR12.63 billion.

The company attributed the decrease in net ordinary income and ordinary Ebitda mainly to an unfavorable comparison to last year, when it benefited from some non-recurring items.

Revenue increased to EUR57.91 billion from EUR49.47 billion in the previous year, with a positive performance across businesses offsetting negative exchange-rate effects in Latin America.

Enel said the interim dividend will amount to EUR0.19 a share, an increase of 8.6% compared with the previous year. It confirmed a dividend of EUR0.38 a share for 2021.

Investments increased by 20.4% in the first nine months, mainly toward renewables and networks, while net debt stood at EUR54.39 billion from EUR45.42 billion at the end of last year.

The company confirmed its full-year targets of net ordinary income between EUR5.4 billion and EUR5.6 billion, and ordinary Ebitda between EUR18.7 billion and EUR19.3 billion.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

November 04, 2021 13:12 ET (17:12 GMT)

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