Dow Jones Newswires: E.ON reports higher earnings and sales, backs full-year guidance

by | Nov 9, 2022 | Stock Market

E.ON SE on Wednesday said that profit rose in the third quarter with a solid operating performance despite a challenging environment, and backed its full-year guidance at group level. The German energy company
EOAN,
+1.54%
posted quarterly net profit of 1.56 billion euros ($1.56 billion) from EUR1.24 billion in the year earlier. On an adjusted basis, net profit came in at EUR713 million.

Adjusted earnings before interest, taxes, depreciation and amortization rise to EUR2.05 billion from EUR1.51 billion. Adjusted EBIT was EUR1.36 billion. Sales increased to EUR28.75 billion in the quarter compared with EUR15.05 billion last year. E.ON said it continues to expect adjusted net income of EUR2.3 billion to EUR2.5 billion and adjusted Ebitda of EUR7.6 billion to EUR7.8 billion in 2022. The company raised the forecast range for its non-core business to EUR900 million to EUR1.1 billion from previous expectations of EUR800 million-EUR1 billion. The range for energy networks was lowered to EUR5.3 billion-EUR5.5 billion from previously EUR5.5 billion-EUR5.7 billion. Regarding the German government’s plans to introduce caps on power and gas prices to support households, industry and commerce, E.ON said it supports the caps and is currently preparing to implement them. Write to Giulia Petroni at giulia.petroni@wsj.com

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