Energy giant, EON profits spike in Q1

Last updated: 2023/05/11 at 12:51 PM

starconnect Published 11 May 2023

View of the logo at the corporate headquarters of the energy group eon before the start of the annual press conference. A jump in earnings in the first quarter gives the Eon Board of Management a slightly more optimistic outlook for the year as a whole. Photo: Rolf Vennenbernd/dpa

Emmanuel Thomas, DPA, Thursday, May 11, 2023

BERLIN – German energy giant EON on Wednesday said its business performance in the first quarter of 2023 was very positive.

The company said the good earnings performance resulted from investment-driven growth, the recovery of the energy market environment and recovery effects in the Energy Network business. EON confirmed its forecast for full-year 2023.

The energy giant now assumes it will end up towards the upper end of the guidance ranges for adjusted group EBITDA, adjusted net income, and earnings per share.

The group reaffirmed its planned investments of roughly €5.8 billion ($6.3) for 2023. EON posted a first quarter loss to shareholders of €72 million compared to a profit of €826 million in the previous year. Loss per share was €0.03 compared to a profit of €0.32.

Adjusted net income was €1.03 billion, up 51%. Adjusted earnings per share was €0.40 compared to €0.26. First quarter sales were €33.54 billion, a 14% increase from last year.

For full-year 2023, EON expects to record an adjusted group EBITDA of €7.8-€8 billion, and an adjusted net income of €2.3-€2.5 billion. This corresponds to earnings per share of €0.88 to €0.96. EON sees itself on track regarding targets through 2027.

TAGGED: EON