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Nov. 14, 2019, 2:16 a.m. EST

RWE earnings increase as utility lifts 2019 view

By Giulia Petroni

RWE AG said Thursday that its nine-month earnings rose and that it has raised its 2019 guidance.

The German utility (FRA:DE:RWE)  said adjusted net income, which excludes the operations acquired from E.ON SE (FRA:DE:EOAN) , for the period rose to 854 million euros ($941.9 million) from EUR645 million the year earlier.

Stand-alone adjusted earnings before interest, taxes, depreciation and amortization increased to EUR1.5 billion from EUR1.3 billion. The company said it expects adjusted Ebitda from September through the end of the year to total between EUR200 million and EUR300 million.

RWE said it has raised its full-year guidance, in light of the reinstatement of the British capacity market and a strong trading performance in the first nine months. The company now expects stand-alone adjusted Ebitda of between EUR1.8 billion and EUR2.1 billion, from a previous forecast of EUR1.4 billion to EUR1.7 billion. Adjusted net income is forecast between EUR900 million and EUR1.2 billion, from a previous forecast of EUR500 million to EUR800 million.

The company confirmed its dividend target for fiscal 2019 of 80 European cents a share.

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