Verbund Shares Rise on Strong 2021 Results
17 March 2022 - 8:07PM
Dow Jones News
By Giulia Petroni
Verbund AG's shares rose on Thursday after the company reported
a strong performance for 2021, driven by a sharp rise in wholesale
electricity prices across Europe.
The Austrian electricity provider said earnings before interest,
taxes, depreciation and amortization increased 22.1% on year,
boosted by a marked rise in prices on spot markets and for
short-term futures. Revenue climbed 38.5%.
At 0830 GMT, shares traded 6.4% higher at EUR95.85.
Verbund said it expects earnings to increase in 2022, with
Ebitda in the range of around 2.6 billion to 3.5 billion euros
($2.87 billion-$3.86 billion), and net profit of about EUR1.4
billion to EUR2 billion.
The company's dividend proposal of EUR1.05 a share for 2021 is
40% higher compared with the previous year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 17, 2022 04:52 ET (08:52 GMT)
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