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)
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