By Natalia Drozdiak
FRANKFURT--E.ON SE on Thursday said first-quarter net profit
rose, despite taking a hit from low oil prices and continued
pressure on electricity prices.
Germany's largest utility by market value said first-quarter net
profit rose 40% to 1 billion euros ($1.14 billion), from EUR762
million last year.
Underlying profit, an after-tax figure that strips out
nonrecurring effects, dropped 15% to EUR1.0 billion from EUR1.2
billion. Earnings before interest, taxes, depreciation and
amortization fell 9% to EUR2.83 billion from EUR3.1 billion, while
revenue was down 2% to EUR30.6 billion. E.ON adjusts Ebitda to
exclude nonrecurring items.
Analysts polled by The Wall Street Journal had expected the
company to post an average underlying profit of EUR995 million and
Ebitda of EUR2.74 billion.
Despite the weak first quarter, E.ON confirmed its full-year
guidance. It said it still sees Ebitda between EUR7 billion and
EUR7.6 billion and underlying profit between EUR1.4 billion and
EUR1.8 billion.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires