RWE backs 2020 view as earnings rise

RWE AG said Thursday that adjusted earnings rose in the first quarter and confirmed its outlook for the full year.

The German electric utilities company said adjusted net income in the period was 603 million euros ($653.7 million). It didn’t provide a comparison with the previous year, as figures were restated.

Adjusted earnings before interest, tax and depreciation and amortization came in at EUR1.31 billion from EUR824 million in the year-earlier period.

RWE also said it plans to make net investments of about EUR5 billion in renewable energy to expand its portfolio to over 13 gigawatts by 2022.

The company backed its guidance for 2020, saying it expects adjusted Ebitda at between EUR2.7 billion and EUR3 billion and adjusted earnings before interest and taxes at between EUR1.2 billion and EUR1.5 billion. Adjusted net income is expected at between EUR850 million and EUR1.15 billion.

RWE said it maintains its proposal for a dividend of EUR0.80 per share for 2019 and its plans to increase it to EUR0.85 a share for the current fiscal year.

Giulia Petroni

Source:marketwatch.com