By Adria Calatayud

Iberdrola on Thursday raised its profit outlook for 2023 and said that net profit grew in the first half of the year on the back of higher revenue that allowed it to offset a rise in operating costs.

The Spanish utility company said it now expects full-year net profit growth in a range of high single percentage digits, having previously expected an increase of mid-to-high percentage digits. The company said it sees additional upside in the second half after what it called a strong performance in the first half.

For the first half of the year, Iberdrola's net profit came in at 2.52 billion euros ($2.79 billion), up from EUR2.08 billion a year earlier, it said. Revenue grew to EUR26.26 billion from the EUR24.43 billion in the same period last year.

Earnings before interest, taxes, depreciation and amortization increased 17% to EUR7.56 billion, which the company attributed to strong performances in the U.K. and Europe.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 27, 2023 02:54 ET (06:54 GMT)

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