E.ON 1Q Profit Rose, Backs 2022 View

   By Giulia Petroni 
 

E.ON SE on Wednesday said that profit rose in the first quarter and backed its full-year outlook even though its quarterly performance was hit by a difficult market environment and high energy costs.

The German utility said it registered a net profit of 830 million euros ($875.7 million) in the quarter, up from EUR801 million a year earlier. On an adjusted basis, profit came in at EUR679 million.

Adjusted earnings before interest and taxes were down to EUR2.08 billion from EUR2.45 billion a year earlier, while sales jumped to EUR29.51 billion from EUR18.40 billion.

For the full year, E.ON confirmed it expects an adjusted net profit of EUR2.3 billion-EUR2.5 billion and adjusted earnings per share of 88 European cents to 96 European cents. Adjusted earnings before interest, taxes, depreciation and amortization is seen at between EUR7.6 billion and EUR7.8 billion.

The company also reiterated its dividend proposal of EUR0.49 a share for 2021 and the aim to increase the dividend by up to 5% annually through 2026.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

May 11, 2022 01:22 ET (05:22 GMT)

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