E.ON Shares Rise on Upbeat Guidance
By Pierre Bertrand
E.ON shares rose Wednesday after the German utility said it anticipates higher adjusted earnings and plans to increase its investments in Europe.
At 0900 GMT Wednesday, shares traded 5.1% higher to EUR12.41.
The German utility guided for adjusted earnings before interest, taxes, depreciation and amortization to grow to more than 11 billion euros ($12.02 billion) by 2028. The company said it made EUR9.37 billion in adjusted Ebitda last year, a 16% increase.
The company also guided for adjusted Ebitda of EUR8.8 billion to EUR9.0 billion and adjusted net income of EUR2.8 billion to EUR3.0 billion in 2024.
It added that it intended to increase its investments in Europe to EUR42 billion in the 2024 to 2028 period, up from EUR33 billion in the 2023 to 2027 period.
The company has managed to over deliver on its guidance for not only 2024 but also 2028, Barclay's analysts said in a research note, adding that its guidance is "significantly above consensus expectations."
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
March 13, 2024 05:31 ET (09:31 GMT)
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