MADRID (Reuters) – Several non-recurring items and the weakness of the liberalized business caused gross operating result of Iberdrola was worse than expected by analysts in first quarter, despite the strength of its business in the US strengthened.
Precisely the incorporation of the costs of the US company UIL, now under the umbrella of the Avangrid listed, was one of those “atypical” elements, as a whole, detracted 237 million EBITDA in the period and whose impact the Basque utility expects to see blur as you go exercise.
“All these impacts will disappear or be significantly reduced throughout the year,” he said in a conference call with analysts the group finance director Jose Sainz Armada.
Iberdrola said before opening its gross operating profit (EBITDA) fell by 6 percent to 2,008 million in the first three months of the year, compared with a forecast average of 2,082 million analysts polled by Reuters.
“These figures are explained by the decline in the generation business and customers … by lower revenues from wholesale operations in Spain gas, a depreciation of the pound and the fall in the evolution of tariffs in Mexico, “Renta 4 said in a note to clients.
” These reductions are proof of the importance Iberdrola liberalized business, “added the broker.
the ebitda of the first global wind group fell in two of the three main business areas, particularly in the generation and customers, down 18 percent to 641 million euros, temperature that reduced gas consumption and lower wholesale prices for wholesale electricity in Spain or the UK.
The network Ebitda fell 3.7 percent to 932 million, while the renewable rose 3.1 percent to 442 million.
At the bottom of the table, net profit rose 3.3 percent to 869 million euros, compared with a forecast of 853 million, helped by financial hedges arranged against the dollar devaluation and sterling.
After the accounts, Iberdrola confirmed growth estimates made in its recent strategic plan, which include an increase in consolidated net profit of around 5 percent in 2016.
for the period 2016-2020, the group estimates an average annual growth of 6 percent for both ebitda to net profit.
in the stock market, shares of Iberdrola reacted . with falls of 0.3 percent to 6,152 euros in a bull market
(Reporting by Jose Elias Rodriguez; edited by Carlos Ruano)!
<- google_ad_section_end - >
No comments:
Post a Comment