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May 12, 2021, 1:15 a.m. EDT

RWE posts earnings drop, but backs 2021 view

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By Giulia Petroni

RWE AG said Wednesday that adjusted earnings fell in the first quarter as performance was hit by weather effects, but confirmed its outlook for the full year.

The German utility company said quarterly adjusted net profit was 340 million euros ($413.1 million) compared with EUR614 million a year earlier.

Adjusted earnings before interest, tax and depreciation and amortization fell to EUR883 million from EUR1.32 billion due to the cold blast hitting Texas and wind volumes below the previous year's levels in Northern and Central Europe.

"The result for the first quarter meets our expectations," RWE said. "We confirm our forecast and uphold the proposed increase in the dividend thanks to the bright medium- and long-term earnings prospects in our core business," it said.

In the first quarter, the company invested EUR1.04 billion--the majority of it in new wind power, solar plants and battery storage--almost doubling the previous year's capital expenditure.

Write to Giulia Petroni at giulia.petroni@wsj.com

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