Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

E.ON to hit upper end of 2023 outlook after strong Q1

by Staff GBAF Publications Ltd
0 comment

E.ON to hit upper end of 2023 outlook after strong Q1

FRANKFURT (Reuters) -E.ON, Europe’s largest energy networks operator, expects to hit the upper end of its profit outlook in 2023, boosted by strong first-quarter results that it said were the result of a broad sector recovery following last year’s crisis.

“The crisis is not over yet. Compared with the current market environment, our forecast also factors in the possibility of a further deterioration in the remainder of the year,” Chief Financial Officer Marc Spieker said.

The group expects adjusted core profit (EBITDA) of 7.8 billion euros to 8.0 billion euros ($8.6 billion to $8.8 billion) and adjusted net profit of 2.3 billion to 2.5 billion euros in 2023.

E.ON, one of the shareholders of the idled Nord Stream pipeline that was damaged in an act of sabotage last year, benefited from lower gas prices that reduced the company’s procurement costs.

First-quarter adjusted core profit (EBITDA) was up 30% at 2.7 billion euros, the company said, adding investments in the first three months grew by the same percentage to 1 billion.

“The current crisis is an accelerator on our path to a climate-friendly energy future,” Spieker said. “We will continue to invest heavily in this area.”

($1 = 0.9084 euros)

(Reporting by Christoph Steitz, Editing by Friederike Heine and Miranda Murray)