Dow Jones Newswires: Galp swings to profit, cuts guidance

by | Oct 24, 2022 | Stock Market

Galp Energia SGPS SA on Monday said that it swung to profit in the third quarter with strong operational performance across segments, and adjusted guidance for the full year. The Portuguese energy company
GALP,
-5.63%
said it registered net profit of 307 million euros ($302.6 million), from a loss of EUR334 million in the year-earlier period.

Earnings before interest, taxes, depreciation and amortization were EUR630 million compared with EUR655 million, while EBIT came in at EUR281 million. Sales rose to EUR7.68 billion from EUR4.24 billion the previous year. Galp said it has cut guidance for adjusted Ebitda to around EUR3.8 billion from previous expectations of around EUR4 billion in the full year. Adjusted operating cash flow is seen at around EUR2.8 billion from previously EUR2.9 billion, while total distributions–cash dividends and buybacks–are still expected to be one-third of adjusted OCF. The outlook for net capital expenditure was raised to between EUR1.1 billion and EUR1.2 billion from around EUR1 billion previously. Operational guidance remains unchanged. Write to Giulia Petroni at giulia.petroni@wsj.com

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