E.ON Earnings Beat Targets After 4Q Exceeded Expectations

By David Sachs

E.ON's 2023 earnings finished above expectations, the German energy company said late Thursday as it released selected preliminary results.

Full-year adjusted net income rose to 3.1 billion euros ($3.4 billion) from EUR2.73 billion in 2022, the company said. It had targeted EUR3.1 billion.

The group's adjusted earnings before interest, taxes, depreciation and amortization climbed to EUR9.4 billion from EUR8.06 billion a year prior, above its forecast of between EUR8.6 billion-EUR8.8 billion, E.ON said.

"The positive development of the adjusted group Ebitda and adjusted net income from the first nine months of 2023 continued in the last quarter, exceeding the forecast," the company said. "In the energy-networks segment, financial results were again above expectations in the fourth quarter, primarily due to operating effects in almost all countries."

Adjusted earnings per share in 2023 finished at EUR1.18 compared with its target of EUR1.03-EUR1.11.

The results have not been verified, E.ON said. Full results will be released March 13.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

February 01, 2024 12:33 ET (17:33 GMT)

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