Uniper Backs Lower Earnings Guidance After Sharp Income Drop
By Michael Susin
Uniper confirmed its 2024 expectations after posting a sharp drop in both income and sales due to robust comparatives.
The German gas importer on Tuesday said net income for the first quarter was 477 million euros ($513.7 million) from EUR6.75 billion in the same period a year ago.
Sales nearly halved to EUR17.98 billion from EUR34.209 billion.
The company said the drop was related to though comparatives, as in 2023 it had benefited from the reversal of provisions for anticipated losses from procurement of replacement volumes of gas.
The company added that adjusted earnings before interest, taxes, depreciation and amortization--which strips out exceptional and other one-off items--came in at EUR885 million from EUR991 million.
Uniper said it continues to expect lower earnings in 2024, with adjusted net income anticipated to be in a range of between EUR700 million and EUR1.10 billion, down from EUR4.43 billion in 2023.
Adjusted Ebitda is guided to be in the range of EUR1.50 billion to EUR2.00 billion, compared with EUR7.16 billion.
A company-compiled market consensus forecasts a drop in adjusted net income to EUR1.29 billion and adjusted Ebitda to EUR2.55 billion.
The consensus was based on the estimate of seven analysts as of Jan. 15.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
May 07, 2024 02:12 ET (06:12 GMT)
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