EDP Renovais (PK) (USOTC:EDRVF)
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From Jun 2019 to Jun 2024

Portuguese renewable energy company EDP Renovaveis SA (EDPR.LB), or EDPR, said its first half net profit rose 32% as electricity output surged amid massive additions of wind power generation capacity.

Net profit rose to EUR65.6 million in the first half from EUR49.6 million a year earlier. Five analysts polled by Dow Jones Newswires forecast an average net profit of EUR62.4 million.

The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 20% to EUR270.8 million. Revenue was up 21% to EUR313.9 million.

Additions of new wind power capacity, especially in the U.S., boosted net profit, compensating for lower load factors due to weaker winds.

Falling electricity prices in Spain also dented the result, but that was soothed somewhat by hedging.

The focus will be on the impact of new U.S. regulations and aid for renewable energy.

EDP Renovaveis closed at EUR7.051 Tuesday, but is up 41% this year on an upbeat outlook for wind power additions and expected aid for renewables in the U.S.

-By Bernd Radowitz, Dow Jones Newswires; +34-91-395 8120; djmadrid@dowjones.com;