E.ON backs guidance as it swings to loss
E.ON SE said Tuesday that it swung to a net loss in the first quarter and it reaffirmed its guidance for the full year.
The German utility said it registered a loss of 327 million euros ($353.9 million) in the period, compared with a profit of EUR387 million a year earlier. On an adjusted basis, profit came in at EUR691 million.
Sales increased to EUR17.67 billion from EUR9.13 billion, the company said. The energy-networks segment recorded sales of EUR4.71 billion, mainly due to the inclusion of Innogy’s operations in Germany, the company said.
Adjusted earnings before interest and taxes were EUR1.46 billion in the quarter.
Looking ahead, E.ON said it expects adjusted net income at between EUR1.7 billion and EUR1.9 billion and adjusted EBIT between EUR3.9 billion and EUR4.1 billion in 2020. “This doesn’t include risks from the Covid-19 pandemic that may materialize as the year moves forward,” the company said.
