Outlook confirmed: E.ON significantly increases profit after takeover of innogy – share fixed | message

—Adjusted operating profit (EBIT) rose 24 percent in the first quarter of 2020 to 1.460 billion euros. Analysts had only expected 1.424 billion euros. The bottom line is that the adjusted net profit increased by 6 percent compared to the same period in the previous year to 691 million euros.

The takeover of the network businesses of the RWE subsidiary innogy made a significant contribution to the result. Accordingly, sales increased significantly – by 94 percent to 17.665 billion euros. E.ON explained that the high resilience of the business also has to do with the fact that over 80 percent of the result comes from regulated businesses. The DAX company could not yet fully assess the effects of the corona crisis on business, as it was only affected by the lockdown measures in Europe in the past three weeks.

E.ON boss Johannes Teyssen said the group wanted to contribute to the reconstruction after the economy. This included projects in the areas of digital economy, electromobility and network expansion. “For such future issues, we intend to mobilize another half a billion euros in the medium term in addition to our already planned investments,” said Teyssen.

For the full year, an unchanged EBIT of between 3.9 and 4.1 billion euros and an adjusted consolidated profit between 1.7 and 1.9 billion euros are expected.

On Tuesday, shortly after the start of trading on XETRA, the E.ON share was around 1 percent firmer at EUR 9.19.

DJG / pso / sha

BERLIN (Dow Jones)

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