RWE targets €1.00 per share dividend as Q1 earnings rise

 

BERLIN – Shares of German utility giant RWE were gaining around 3% in morning trading in Germany after it said Thursday that it expects significantly higher earnings in its first quarter.

Further, the company confirmed its outlook for fiscal 2023 as a whole and the dividend target of €1.00 per share for the current financial year.

For the first quarter, RWE expects adjusted net income to reach 1.7 billion euros.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected at €2.8 billion, significantly above the previous year.
Adjusted EBITDA would be €2.3 billion in the core business, significantly higher year-on-year.

The company said the increase in earnings is primarily due to higher earnings from international power generation in the hydro/biomass/gas segment.

In addition, the previous year’s earnings were impacted by charges from sanctions on hard coal from Russia which amounted to about 850 million euros.
The company plans to release final first-quarter results on May 11.

In Germany, RWE shares were trading at 42.99 euros, up 3.34 percent.