Trending: Orsted Sets Out Plans to Boost Balance Sheet, Support Long-Term Growth
1500 GMT - Orsted is among the most-mentioned companies across news items over the past eight hours, according to Factiva data, after the Danish company set out plans to bolster its balance sheet and support long-term growth. As part of this plan, the renewable-energy company will suspend dividends through to fiscal 2025, cut up to 800 jobs globally and sell some assets. "Orsted's strategic update is everything [the] market expected," Citi analysts Jenny Ping and Rory Graham-Watson said in a note. "[The] question is, is this enough for the shares to go further." "For Orsted, it's all about delivery of targets and building investor confidence, which will take time." The company disclosed the plan alongside fourth quarter earnings that beat analysts' forecasts. Earnings before interest, taxes, depreciation and amortization excluding new partnerships--the company's preferred metric--for the quarter was 8.62 billion Danish kroner ($1.24 billion) compared with DKK6.62 billion a year earlier and consensus of DKK6.08 billion. Shares are down 2.9% at DKK374.40. They are currently down 42% over the past 12 months. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)
(END) Dow Jones Newswires
February 07, 2024 10:15 ET (15:15 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth