Energy giant, RWE posts pre-tax earning of $5.3 billion in Q1

 

BERLIN – The German energy conglomerate RWE said its first half pre-tax earnings were €4.812 billion ($5.3 billion) – a big increase from the €2.513 billion posted in the same period a year ago.

The gains were mainlyl due to an increase in operating income despite lower revenue. Other operating income rose to €3.953 billion from €1.971 billion in the previous year. Net income increased to €4.010 billion or €5.39 per share from €1.991 billion or €2.68 per share last year.

Excluding one-time items, adjusted net income, however, declined to €1.362 billion or €1.83 per share from €2.378 billion or €3.20 per share a year ago. Adjusted earnings before interest, taxes, depreciation, and amortisation, or adjusted EBITDA, fell to €2.899 billion from €4.143 billion last year.

Revenue for the period dropped to €11.212 billion from €14.862 billion in the previous year. For fiscal 2024, RWE expects adjusted EBITDA to be in the range of €5.2 billion – €5.8 billion, compared with €7.749 billion in fiscal 2023.

Adjusted net income for the year is expected to be €1.9 billion – €2.4 billion, lower than €4.098 billion posted last year.