Engie Upgrades Outlook on Positive Performance, Reduced Risks

By Andrea Figueras

Engie raised its full-year guidance after what it called a continued good performance with reduced risks as it approaches the end of the year.

The French power utility on Tuesday said that it now expects recurring net income in a range of 5.1 billion euros to 5.7 billion euros ($5.47 billion-$6.11 billion), up from a prior forecast between EUR4.7 billion and EUR5.3 billion.

It now sees non-nuclear earnings before interest and taxes of EUR9 billion to EUR10 billion, while it previously anticipated EBIT excluding nuclear between EUR8.5 billion and EUR9.5 billion.

The company posted earnings before interest, taxes, depreciation and amortization of EUR11.9 billion, compared with EUR10.67 billion for the same period last year, while revenue fell to EUR61.8 billion in the period, down 10.2% organically on-year.

Non-nuclear EBIT was EUR8 billion, up from EUR6.3 billion, mainly driven by the units global energy management and sales as well as renewables.

Engie backed its dividend policy with a 65% to 75% payout ratio based on net recurring income and a floor of EUR0.65 a share for the 2023 to 2025 period.

Write to Andrea Figueras at [e-mail]

(END) Dow Jones Newswires

November 07, 2023 02:45 ET (07:45 GMT)

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