Iberdrola Sees 2023 Profit Growth After 1Q Earnings Rose
26 April 2023 - 5:20PM
Dow Jones News
By Giulia Petroni
Iberdrola SA expects full-year net profit to grow in the
mid-to-high single digit range after reporting a rise in
first-quarter earnings.
The Spanish energy company on Wednesday said it expects an
improvement to net profit growth and a strong operating performance
over the course of the year, boosted by an acceleration of
investments between the second and fourth quarters, better business
conditions and improving financial strength.
Iberdrola said it plans an organic investments increase to 12
billion euros ($13.17 billion) during 2023.
The Spanish utility company reported first-quarter net profit of
EUR1.49 billion compared with EUR1.06 billion a year earlier,
driven by strong operating performance and new investments, it
said.
Earnings before interest, taxes, depreciation and amortization
were EUR4.06 billion from EUR2.95 billion, supported by geographic
diversification, increased asset base in networks across countries
and the normalization of wholesale and retail markets.
Revenue increased to EUR15.46 billion from EUR12.15 billion in
the year-earlier period, the company said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 26, 2023 03:05 ET (07:05 GMT)
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