E.ON Swings to Nine-Month Profit, Confirms Guidance
E.ON SE (EOAN.XE) said Wednesday that it swung to a profit from a loss year-on-year during the January to September period, driven by solid performance, and confirmed its 2017 guidance.
Net profit was 3.71 billion euros ($4.3 billion), compared with a loss of EUR3.95 billion in the year-earlier period. Sales slightly fell to EUR27.94 billion. Last year's figure was EUR28.2 billion. On an adjusted basis, net profit was EUR965 million compared with EUR641 million in the same period a year earlier.
The company said that its adjusted earnings before interest and taxes were around EUR2.1 billion, slightly below the year-earlier period but in line with expectations.
"All key figures and developments are in line with our planning," Chief Financial Officer Marc Spieker said, adding that the company was well on its way toward achieving new flexibility for future investments and higher dividends.
The German company confirmed its full-year guidance for 2017. Ebit is expected to come in at between EUR2.8 billion and EUR3.1 billion, and adjusted net income to be between EUR1.2 billion and EUR1.45 billion.
E.ON said that the company strengthened its balanced sheet significantly, reducing its net debt by approximately EUR6.5 billion to EUR19.7 billion.
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(END) Dow Jones Newswires
November 08, 2017 01:54 ET (06:54 GMT)