Dow Jones Newswires: RWE backs outlook as net income nearly doubles to €2.12 billion

by | Nov 10, 2022 | Stock Market

RWE AG on Thursday said that earnings rose in the first nine months of the year boosted by the expansion of renewables and a strong international trading performance, and backed its 2022 outlook. The German energy company
RWE,
+1.70%
posted adjusted net income of 2.12 billion euros ($2.14 billion) for the period, up from EUR1.03 billion the year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization increased to EUR4.13 billion from EUR2.40 billion, led by the company’s international core business, while German coal and nuclear energy declined. Adjusted EBIT came in at EUR2.97 billion. A positive earnings trend in the core business was supported by the company’s renewables portfolio, high levels of deployment of its generation fleet and trading activities. RWE said it expanded its green portfolio by 1.3 gigawatts in the period, with a further 9.4 gigawatts in growth through build-outs and acquisitions. The company backed its outlook and dividend target of EUR0.90 a share for 2022. Write to Giulia Petroni at giulia.petroni@wsj.com

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