Engie raises 2024 guidance

By Nina Kienle

Engie swung to net profit in the first half and raised its full-year outlook as the market environment returns to normal.

The French utility company (FR:ENGI) on Friday posted a net profit of 1.94 billion euros ($2.09 billion) from a net loss of EUR847 million in the same period the prior year. Revenue fell to EUR37.52 billion from EUR47.03 billion.

Earnings before interest, taxes, depreciation and amortization amounted to EUR8.9 billion, decreasing from EUR9.4 billion a year earlier.

EBIT, excluding earnings from nuclear power, fell to EUR5.6 billion from EUR6.7 billion.

Analysts saw Ebitda and Ebit at EUR7.70 billion and EUR4.86 billion, respectively, according to consensus estimates provided by Visible Alpha.

For 2024, the company raised its outlook, expecting recurring net income in the range of EUR5.0 billion to EUR5.6 billion and non-nuclear EBIT ranging between EUR8.2 billion and EUR9.2 billion.

Write to Nina Kienle at nina.kienle@wsj.com

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08-02-24 0307ET

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