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Engie Backs Outlook Despite Dip in Earnings

By Christian Moess Laursen


Engie backed its guidance after its renewables and flexible generation segments helped buoy first-quarter earnings.

The French multinational power utility on Friday posted earnings before interest, taxes, depreciation and amortization of 5.4 billion euro ($5.87 billion) in the first three months of the year, 0.7% lower on an organic basis than in the same period last year.

The dip was driven by sharp declines from its networks and global energy management and sales businesses, although these were largely offset by rising earnings from renewables, flexible generations and energy solutions, the company said.

Similarly, EBIT excluding earnings from nuclear power fell 3.7% to EUR3.7 billion.

Revenue dropped 25% to EUR22.0 billion, while cash flow from operations--a measure of cash generated from normal business operations--rose 36% to EUR5.1 billion thanks to improvement in working capital.

Paris-based Engie--one of the biggest energy companies in Europe--reaffirmed its expectations for they year, still targeting EBIT excluding nuclear between EUR7.5 billion and EUR8.5, along net recurring income of between EUR4.2 billion and EUR4.8 billion.


Write to Christian Moess Laursen at


(END) Dow Jones Newswires

May 17, 2024 02:22 ET (06:22 GMT)

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