Enel Nine-Month Profit Fell; Lowers Adjusted Income Guidance

By Giulia Petroni

Enel SpA on Thursday said profit fell in the first nine months of the year and lowered its net ordinary income guidance for 2022 mainly due to a decline in the contribution of businesses in Italy.

The Rome-based energy company reported net profit of 1.76 billion euros ($1.74 billion) for the period from EUR2.51 billion in the year earlier. On an adjusted basis, net profit--or net ordinary income--came in at EUR2.98 billion, down 9.5% on year from EUR3.29 billion.

Earnings before interest, taxes, depreciation and amortization came in at EUR12.42 billion, an increase of around 9% on year. Adjusted for one-offs including acquisitions or disposals, Ebitda--or ordinary Ebitda--fell to EUR12.67 billion from EUR12.77 billion.

Revenue jumped to EUR108.18 billion from EUR58.79 billion, mainly driven by higher volumes of electricity and gas sold at increasing average prices.

Capital expenditure increased by around 18% in the first nine months to EUR9.31 billion, while net debt stood at EUR69.74 billion compared with EUR51.95 billion at the end of last year. Net debt is expected to reach a maximum of EUR62 billion in 2022.

Enel said it now expects net ordinary income in the range of EUR5 billion-EUR5.3 billion in the full year compared with its previous expectation of EUR5.6 billion-EUR5.8 billion. The company backed its outlook for ordinary Ebitda of between EUR19 billion and EUR19.6 billion, and confirmed a total dividend of EUR0.40 a share for 2022.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

November 03, 2022 13:24 ET (17:24 GMT)

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