Iberdrola Sees 2023 Profit Growth After 1Q Earnings Rose

By Giulia Petroni

Iberdrola SA expects full-year net profit to grow in the mid-to-high single digit range after reporting a rise in first-quarter earnings.

The Spanish energy company on Wednesday said it expects an improvement to net profit growth and a strong operating performance over the course of the year, boosted by an acceleration of investments between the second and fourth quarters, better business conditions and improving financial strength.

Iberdrola said it plans an organic investments increase to 12 billion euros ($13.17 billion) during 2023.

The Spanish utility company reported first-quarter net profit of EUR1.49 billion compared with EUR1.06 billion a year earlier, driven by strong operating performance and new investments, it said.

Earnings before interest, taxes, depreciation and amortization were EUR4.06 billion from EUR2.95 billion, supported by geographic diversification, increased asset base in networks across countries and the normalization of wholesale and retail markets.

Revenue increased to EUR15.46 billion from EUR12.15 billion in the year-earlier period, the company said.

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

(END) Dow Jones Newswires

April 26, 2023 03:05 ET (07:05 GMT)

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